Conventional Loans

USE FANNIE MAE OR FREDDIE MAC TO ESTABLISH GUIDELINES FOR BORROWERS

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The guidelines include minimum allowable credit scores, income requirements and minimum down payments. A conventional loan can be conforming or nonconforming and have either fixed or adjustable rates.

Conventional Loan Checklist

EMPLOYMENT INFO

  • Past two years’ completed tax returns.

  • Past two years’ W-2s, 1099s and any other necessary tax forms.

  • Most recent 30-day’s pay stubs.

  • Self-employed borrowers may need three years’ tax returns and YTD Profit & Loss Statement.

SAVINGS INFO

  • Past two months’ full bank statements for all accounts.

  • Most recent statements from investment accounts (retirement, 410k, mutual funds, etc.).

PERSONAL INFO

  • Driver’s License or other official state identification.

  • Any Divorce, Palimony, Alimony documents.

  • Green card or work-permit (if/as applicable).

 

ANY QUESTIONS ABOUT CONVENTIONAL LOANS, GIVE US A CALL AT 661-510-7346

Real Estate Lenders