Conventional conforming home loans

• Loan amounts up to $726,200

• The minimum credit score is a 620.  Your credit score will impact yourmortgage interest rate. Typically, the higher your credit score, the better the rate.

• No mortgage insurance is required with a 20% or more down payment. If your down payment is less than 20%, mortgage insurance is required. 

• Minimum down payment is 3% (must be a primary residence).

• Mortgage insurance may be automatically dropped when the mortgage balance reaches 80% of the current property value. 

• Gift funds are allowed.

• You can pick any term you'd like from 5 years to 30 years.  

 

Jumbo (non-conforming) conventional loans

• Loan amounts greater than $726,200

• Minimum Credit score is 680.  

• Minimum down payment is 10.01% (must be a primary residence or second home).

• Mortgage insurance may be dropped when the mortgage balance reaches 80% of the current property value. 

• There are debt to income limitations.

• Can require more documentation and have more strict underwriting guidelines.