Conventional Loan Requirements in Seattle for 2021 When people hear the term “mortgage”, they usually think of conventional loans or a home loan that isn’t backed or offered by the Federal Government. Instead, these loans are offered by banks, credit unions, mortgage companies, and other private lenders. Conventional loans have no special eligibility requirements. So, you can qualify for this type of home loan with as little as 3% down, a credit score of 620, and a debt-to-income (DTI) ratio of 43%. Furthermore, the amount of a conventional loan must conform to a loan limit of up to $548,250 although that amount may be higher in the more affluent zip codes. If you apply with a credit score of 740 or higher and put at least 20% down, you’ll be offered a lower interest rate and lower monthly payments. On the other hand, if you’re on the qualifying edge for a conventional loan with a credit score about 620 and a higher DTI percentage, it’s important that you comparison shop and research several lenders. Remember, mortgage lenders are allowed to set their own interest rates and eligibility requirements provided they conform to the loan limits established by Fannie Mae and Freddie Mac. Blue Square Mortgage 4212 33rd Ave W Seattle, WA 98199 206-352-6453 Hours: Monday-Friday 7am-6pm https://www.google.com/maps?cid=1728001048712065545 https://local.google.com/place?id=1728001048712065545&use=posts&lpsid=4066045347146868299