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Your lender will need to copy your driver's license or state ID card and will need your Social Security number and your signature allowing the lender to pull your credit report. Who is a Conventional Loan Suitable For. People with established credit and stellar credit reports who are on a solid financial footing usually qualify for conventional mortgages.
More specifically, the ideal candidate should: have a credit score of at least 680 and, preferably, well over 700. The higher the score, the lower the interest rate on the loan, with the best terms being reserved for those over easiest personal loan online. have a debt-to-income ratio (DTI) (the sum of your monthly obligations compared to your monthly income) around 36, and no more than 43.
be able to to pay out-of-pocket at least 20 of the home's purchase price.
To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lender immediately and discuss how to handle late payments. Were Committed To Service, Speed Security.
Connect with a Helpful Lender. We commit to connecting you with an approved lender. We also made the process simple. No need to visit hundreds of websites and fill out numerous paperwork.
CA residents: Opportunity Financial, LLC is licensed by the Commissioner of Business Oversight (California Financing Law License No.
603 K647). DE residents: Opportunity Financial, LLC is licensed by the Delaware State Bank Commissioner, License No. 013016, expiring December 31, 2018.