Conventional loans are mortgage loans that are not guaranteed or insured by a government agency, such as the VA or FHA.

Qualification:

• To qualify for a conventional loan, individuals typically need a good credit score and a stable financial history.

Credit Score:

• Most lenders require a minimum credit score of 620 or higher for conventional loans, although some may have stricter requirements.

Down Payment:

• Conventional loans usually require a down payment of at least 3% to 20% of the home's purchase price, depending on the borrower's creditworthiness and the loan program.

Debt-to-Income Ratio:

• The maximum debt-to-income ratio allowed for conventional loans is typically around 43%, although some lenders may be flexible with higher ratios.

Stable Income:

• Borrowers must have a stable and reliable income, typically demonstrated through employment history or other sources of income.

Proof of Assets:

• Some lenders may require proof of assets to ensure the borrower has sufficient funds for the down payment, closing costs, and reserves.

It is important to note that specific requirements may vary depending on the lender and individual circumstances. Consulting with an approved lender is recommended for detailed information and to determine eligibility.