Conventional Mortgage Loan
Mortgage AmountMaximum conforming loan amount is $417,000 (Can vary or change)
Down PaymentMinimum for an owner-occupied residence 3% (one borrower must be a 1st time homebuyer)
10% for second home.
15% for investment home.
Mortgage InsuranceRequired on any home where down payment is less than 20% with options to avoid a monthly premiums with less than 20% down
Seller Contributions3% maximum on LTV of > 90.01%
6% maximum on LTV 90% LTV or less
May add usual and customary on top
Qualifying Ratios28/36 for 90% to 95% LTV
33/38 for 90% LTV and below
Up to 45% is acceptable with good credit, and in some cases higher with significant down payment and strong reserves