Are you a first time home buyer considering buying a home and want to use a conventional loan? What are the Conventional Loan Requirements for 2022? How do you get approved for a conventional loan? In this video, we discuss conventional loans in more detail from the credit score required, minimum down payment needed to what is required with regards to employment and as well as the new conforming loan limits.
Watch this NEXT ⏩ Comparing Monthly Payments on FHA vs Conventional Loan- https://youtu.be/DrqAbTJ0cf8
✅ – Get a Referral to a Mortgage Lender or Realtor – http://www.jebsmith.net/referral
🏠 – First Time Home Buyer Course – http://www.becominghomewise.com
🏡Want to become a Real Estate Agent – https://trk.realestateexpress.com/?a=…
Other Loan Programs you may consider:
FHA Loan Requirements 2022 – https://youtu.be/lzxYpdLsW6c
VA Loan Requirements 2022 – https://youtu.be/C3nvQnjU8Ac
USDA Loan Requirements 2022 – https://youtu.be/CG-m8iYP3lI
What is a conventional loan? A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. Conventional loans are much more common than government-backed financing.
Loan limit for standard and high balance conforming:
1 unit – $647,200 / $970,800
2 units -$828,700/ $1,243,050
3 units – $1,001,650/ $1502,475
4 units – $1,244,850 / $1,867,275
Check the loan limits in your area:
Conventional loan requirements 2022:
✅FICO® score at least 620
✅3% minimal down payment required
✅MIP (Mortgage Insurance Premium ) is required when putting less than 20% down.
✅Debt-to-Income Ratio less than 43%. (Actually you can go much higher than this)
✅The home can be a primary residence, second home or investment property
✅Borrower must have steady income and proof of employment.
✅Assets may be required at closing.
I hope you appreciate this update on conventional loans for first time home buyers for the housing market 2022 california as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2022 forecast and the housing market 2022 california? After watching this video, do you believe you should be buying a home this year or is now is the best time to sell a house?
Do you believe a house market crash 2022 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
Jeb Smith (Huntington Beach Realtor/orange county real estate)
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith
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