Mortgage Resources

Conventional Loans

FHA Loans

Jumbo Loans

VA Loans

Frequently Asked Questions

The two loans differ greatly when it comes to minimum requirements in these areas, down payment and credit score. 

FHA loans have a minimum down payment of 3.5% for borrowers with credit scores of 580 or higher. Some conventional mortgages allow a 3% minimum down payment, but it’s reserved for borrowers with credit scores in the high 600s and ample savings.

FHA loans are easier to qualify for, with a minimum credit score of 580 to be eligible to make a 3.5% down payment. If your credit score is 500 to 579, you may qualify for an FHA loan with a 10% down payment.

Conventional loans typically require a credit score of 620 or higher, says Joe Parsons, a senior loan officer with PFS Funding in Dublin, California. He adds that a lower credit score often comes with a higher interest rate for a conventional loan.

My job is to present all available loan options to you and educate you on which is best suited for your needs. Each individual has specific needs and I will ensure that the best option is chosen. 

Step 1: Get your credit in check

Step 2: Get pre approved for a mortgage 

Step 3: Choose the right mortgage loan 

Step 4: Find the right lender (Me)

Step 5: Submit your application

Step 6: Begin the underwriting process

Step 7: Prepare for closing

Step 8: Close on home

A jumbo loan, or jumbo mortgage, is a home loan for an amount that exceeds the “conforming loan limit” set on mortgages eligible for purchase by Fannie Mae and Freddie Mac. For 2020 this limit is $510,400.  

Jumbo loans typically come with strict credit requirements and an even more rigorous review of applicant finances than conventional mortgages. 

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Please reach out for any mortgage questions including applying, rate quotes and payment quotes. 

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