Colorado Conventional Mortgage Overview
This series of pages is designed to provide you with a detailed overview of conventional mortgages.
Note: Conventional mortgages are all underwritten using the same guidelines (they don't change from lender to lender) based on the rules issued by Fannie Mae and Freddie Mac. Each solution offers a slightly different set of advantages and disadvantages. Working with a mortgage consultant with access to, and knowledge of, both conventional solutions can be an advantage to the buyer.
Basic Eligibility:
Standard limiting factors for conventional mortgages:
- The borrower must draw a consistent income of some sort. If you are worried about whether your income counts as consistent, please talk with your mortgage consultant. If you don't have a consistent income, or are not employed at the time you're wanting to buy a home or refinance, please see the alternative solutions section for possible solutions.
- Credit profile is very important, although the historical guidelines calling for good to great credit may no longer apply given Fannie Mae's new solutions for borrowers with less than perfect credit.
- The conventional borrower can't be a foreign national drawing income from a foreign government, not living in the United States. If you fit this category, please see the alternative solutions section for possible solutions.
Note that final approval for a conventional mortgage is not guaranteed to every borrower who avoids these issues. Conventional loan approval is always a function of the borrower's credit score and profile, income, debts, and financial assets. For more information about how these four factors are evaluated for any mortgage see here.
For information about refinancing a conventional mortgage check here.
Last updated: Monday, 11-Aug-2008 21:24:03 CDT
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