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Updated almost 6 years ago on . Most recent reply

Scott Anthony's profile image
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Scott Anthony
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Scott Anthony
  • Member since Mar 6, 2019
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Scott Anthony
2
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20
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Private Lending & Conventional Mortgage Advice

Requirements for Conventional 97?

Scott Anthony
Posted

Hey all, what are the general requirements for a Conventional 97 loan?  I believe it's through Fannie Mae.  I'm a first-time home buyer and I know these loans are intended for single-home residential properties, in which I would want to use it for, but what are the other requirements i.e. credit, income(s), etc?  Thanks in advance for any and all help!  I appreciate it.  

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Benjamin Piecenski
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  • from Columbus, OH
  • Member since Jan 30, 2019
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Benjamin Piecenski's profile image
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Benjamin Piecenski
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  • from Columbus, OH
  • Member since Jan 30, 2019
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Benjamin Piecenski
  • Lender
  • Columbus, OH
61
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114
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Benjamin Piecenski
  • Lender
  • Columbus, OH
Replied

Hey Josh!  

For a conventional 97% LTV loan, you are looking at a minimum credit score of 620, and you can have a debt-to-income ratio of up to 50% per automated underwriting system approval. Are there any other curiosities you have about the program?

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