Qualifying for a Dallas Conventional Home Loan in 2021 Generally speaking, an individual with good credit and money for the down payment on a home will satisfy the conventional home loan requirements for 2021. However, these loans aren’t guaranteed or insured by the Federal Government. Consequently, eligibility requirements are tougher for conventional loans than they are for government-backed home loans such as FHA, USDA, and VA loans. Furthermore, conventional lenders can place stricter requirements than those guidelines established by Fannie Mae and Freddie Mac. Also, you might have problems qualifying for a conventional loan if you’ve recently been foreclosed on or filed bankruptcy. Here is a list of several conventional loan requirements you need to be aware of: • a debt-to-income ratio below 36% • a loan limit of $548,250 on conforming conventional loans in most areas ($822,375 in the higher cost and more affluent areas (e.g. California or Hawaii) • a loan limit of $1 to $2 million on non-conforming conventional loans (i.e. jumbo loans) • a minimum 3% down payment (20% is the desired amount) • a minimum 620 credit score Although conventional loans are not backed or guaranteed by any government agency, they do follow certain government guidelines. New Frontier Financial Inc. 13612 Midway Rd #398 Dallas, Tx 75244 Hours: Monday-Friday 9:00am-4pm https://www.google.com/maps?cid=3253012058675576884