Conventional Loan Programs

Conventional loan programs give borrowers many option for current homeowner and homebuyer. Fannie Mae® and Freddie Mac® were created by the Government to purchase these loans. Everyone from first time homebuyers to real estate investors can take advantage of the conventional loan programs. If you are looking for a 2nd home, investment property or a new primary residence then you should consider using a conventional loan. The wide range of refinance options give you the tools you need to lower payments, take cash out, change loan terms, pay off debt or make renovations.

Requirements

Conventional loans are good for everyone from first time home owners to real estate investors looking at rental properties.

CREDIT

* FICO credit score of 620.
* No mortgage late payments in last 12 months.
* No bankruptcy in last 4 years.
* No foreclosures in last 7 years.

INCOME

* 2 years of employment history in the same field of work.
* Self Employed allowed.
* Social Security Income allowed.
* Long-term disability income extending at least 3 years allowed.
* Debt to income ratio at/under 45% (up to 50% in some cases).

ASSETS

* Funds to cover down payment.
* Funds to cover mortgage reserves if required.
* Funds to cover Closing Costs.
* Final Loan Amount must be at or under county loan limit.

PROPERTY

* Primary residence, second homes & investment properties.
* Allowed property types- single family homes, condos, PUD, townhomes, 2-4 unit, and manufactured.

Conventional Guidelines

Read through the following for a complete understanding of the Convetional Guidelines.

Minimum $75,000 Loan Amount
N/O/O limitations apply Approve/Eligible Required Minimum 620 Score, regardless of AUS findings

Purchase

-620 Credit Score (Per AUS)

-Primary Occupancy with LTV 95%/97%*

-Second Home Occupancy with LTV 90%

-Investment Occupancy with LTV 85% AND minimum 660 score

-DTI typically allows 50%

See loan limits below for maximum loan amounts

Rate/Term Refinance

-620 Credit Score (Per AUS)

-Primary Occupancy with LTV 95%/97%*

-Second Home Occupancy with LTV 90%

-Investment Occupancy with LTV 75% AND minimum 660 score

-DTI typically allows 50%

See loan limits below for maximum loan amounts

Cash Out Refinance

-640 Credit Score (Per AUS)

-Primary Occupancy with LTV 80%

-Second Home Occupancy with LTV 75%

-Investment Occupancy with LTV 75% AND minimum 660 score

-DTI allows 45%, may allow up to 50% with 6 months reserves

See loan limits below for maximum loan amounts

Property Types

-SFR
-PUD
-Condo
-2-4 Unit (O/O only – Second Home/Investment @ reduced LTV 75% max)

Manufactured Homes:
-N/O/O Investment Occupancy is ineligible
-MAX LOAN TERM 20 years for Refinance

LTV/CLTV

-Purchase & R/T limited to 95% depending on Occupancy
-Cash Out to 65% max
-LTV > 80% requires Mortgage Insurance

DPA programs eligible for Purchase – O/O allowing higher CLTV max 105%

Bankruptcy and Foreclosure

-Bankruptcy > 4 years

-Short Sale > 4 years

-Foreclosure > 7 years to be eligible

*97% LTV based upon eligible program

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Tools

The links below let you check program eligibilty through interactive maps.

FHFA Loan Limit Map

Use this interactive map provided by Fannie Mae to check the loan limits in your area.

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FHFA Loan Limit by County

This PDF will show you the Fannie Mae and Freddie Mac loan limits by County.

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Freddie Mac Income and Property Eligibility

Check if your income and house qualify for the Freddie Mac Home Possible® Loan Program.

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ReNew is dedicated to offering multiple different loan programs to meet our clients’ specific needs. Whether you are a first time home owner or you’re looking at buying another rental property, ReNew offers a variety of options to ensure our clients are getting the best service possible.

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Conventional Loans

Conventional loans are good for everyone from first time home owners to real estate investors looking at rental properties.

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FHA Loans

FHA loans generally require a lower minimum down payment and lower credit scores than many conventional loans.

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USDA Loans

USDA loans don’t require a down payment and are a good option for homes in qualified rural areas.

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VA Loans

VA loans don’t require a down payment and are a great option for military veterans, active duty, & all qualified servicemembers.

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Loan Calculators

Conventional Loan Calculator

Use this calculator to estimate your monthly home loan payments if you use a fixed-rate conventional mortgage.

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Home Purchase Calculator

Use this calculator to estimate your monthly payment, including principal, interest, taxes, insurance and PMI.

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Refinance Calculator

Use this calculator to estimate how much you can save by refinancing your loan to a lower rate or shorter term.

CALCULATE

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ReNew Lending is always looking at adding talent to our team! Wholesale Brokers and Loan Officers can easily apply to join our team by simply clicking the button below.

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Client Testimonials

Don’t take our word for it – here’s what our clients say:

I am happy to say that working with Renew Lending was an awesome experience in buying our new home. The process went smooth and answered all of our questions buying a house is difficult enough but working with the team at Renew Lending just made it so much easier. Thank you again Eduardo and team at Renew Lending! Thumbs up !!!

Maria Sanchez

Renew Lending and team were amazing. They were able to rush through the whole process in record time. Doing everything online made the experience really easy. It’s a very streamlined system. Much better than working with a bank which priorities might be elsewhere. Renew Lending is specialized so it makes the process really easy. All automated, upload materials on the system and get a very personalized experience. I totally recommend Renew Lending and will keep using them for future purchases and refinances.

Joe Neuah

Renew Lending is undoubtedly the most professional and efficient lender I’ve ever worked with. They see bumps on the road long before you get there, and is able to handle anything that arises with professionalism and tact. My clients and I appreciate their hard work and dedication. Their attention to detail is superb. Loans can be quite daunting and scary but with Renew on our side, every deal is a great success! Thank you Renew for always treating my clients and I as if we are the only client you have. You’re the best!