Conventional Loans

Two Types: Fannie Mae (FNMA) and Freddie Mac (FHLMC)

Highlights of Fannie Mae:

  • Minimum Fico: 620 (may have restrictions if mortgage insurance is needed)
  • Max Loan-To-Value: 95%
  • Need to have at least three trade lines each with a 12-month history
  • Debt-to-Income usually capped at 45%

Highlights of Freddie Mac:

  • Min Fico: 620 (with restrictions)
  • Max LTV - 95%
  • Need three trade lines each with 12-month history
  • DTI usually capped at 45%
  • Does allow for non-occupant co-borrowers
  • One year tax returns for self-employed allowed



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