First-Time Homebuyer Guide: Understanding Conventional Loan Requirements
Are you a first-time homebuyer interested in purchasing a house using a conventional loan? This comprehensive guide provides essential information on qualifying for a conventional loan in the 2025 housing market.
Key Topics Covered:
- What Is A Conventional Loan? Understand the basics of conventional loans and how they differ from other loans.
- Income and Employment Guidelines: Discover the income and employment criteria necessary for qualifying.
- Credit Score Requirements: Learn about the minimum credit score needed for approval.
- Down Payment Requirements: Find out how much you need to save for a down payment.
- Mortgage Insurance: Understand mortgage insurance requirements and how to remove it.
- Loan Limits for 2025: Get updated on standard and high-balance conforming loan limits.
- Debt-to-Income Ratio: Learn how lenders calculate your debt-to-income ratio.
- Pre-Approval Document Requirements: Know what documents you'll need for pre-approval.
- Benefits of Conventional Loans: Explore the advantages of choosing a conventional loan.
- Property Types: Identify the types of properties eligible for purchase with these loans.
- Closing Costs: Get insights into the expected closing costs.
- Pre-Approval Timing: Determine the best time to start the pre-approval process.
For specific loan limits in your area, check the loan limit look-up tool.
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Timeline
00:24:Explanation of what a conventional loan is.
01:00:Income and employment guidelines for conventional loans.
02:41:Minimum and maximum income requirements for conventional loans.
03:28:Credit score requirements for conventional loans.
04:46:Down payment requirements for conventional loans.
06:08:Mortgage insurance requirements and how to remove it.
08:00:Conventional loan limits for 2025.
09:23:Calculation of debt-to-income ratio by lenders.
14:41:Required documents for pre-approval.
15:48:Loan programs offering the best interest rates.
16:11:Benefits of a conventional loan.
16:55:Types of properties you can purchase with a conventional loan.
17:13:Expected closing costs with a conventional loan.
18:00:Timing for starting the pre-approval process.