Updated over 6 years ago on . Most recent reply
Requirements for Conventional 97?
Hey all, what are the general requirements for a Conventional 97 loan? I believe it's through Fannie Mae. I'm a first-time home buyer and I know these loans are intended for single-home residential properties, in which I would want to use it for, but what are the other requirements i.e. credit, income(s), etc? Thanks in advance for any and all help! I appreciate it.
Most Popular Reply
Hey Josh!
For a conventional 97% LTV loan, you are looking at a minimum credit score of 620, and you can have a debt-to-income ratio of up to 50% per automated underwriting system approval. Are there any other curiosities you have about the program?