What is a Conventional Loan?

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What is a conventional loan?

• Nathan Carlisle

2
Opening Remarks

• For most of us Conventional loans are the most
  familiar. In the next few slides we will go over
  some of the guidelines that make conventional
  loans distinctive

3
Loan Limits

• loan limits for a conventional loan are higher
  than other loan programs. The typical loan limit
  for a conventional loan is 417,000

4
Credit

• Unlike some loan programs, conventional loans
  require you to have close to excellent credit.
  Credit scores should be at least in the 580
  range, though exceptions can be made.
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5
Debt-to-Income Ratio

• Front End
• 28 of your gross monthly income can be spent on
  your mortgage payment, including taxes and
  insurance
• Back End
• 36 of your gross monthly income can be spent on
  your mortgage payment (as stated above), plus
  credit card payments, car payment, student
  debtetc.
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• Thank you

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