What is a Conventional Loan? - PowerPoint PPT Presentation

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What is a Conventional Loan?

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In this show we will discuss what a conventional loan is and when you may want to apply for one. – PowerPoint PPT presentation

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Title: What is a Conventional Loan?


1
What is a conventional loan?
  • Nathan Carlisle

2
Opening Remarks
  • For most of us Conventional loans are the most
    familiar. In the next few slides we will go over
    some of the guidelines that make conventional
    loans distinctive

3
Loan Limits
  • loan limits for a conventional loan are higher
    than other loan programs. The typical loan limit
    for a conventional loan is 417,000

4
Credit
  • Unlike some loan programs, conventional loans
    require you to have close to excellent credit.
    Credit scores should be at least in the 580
    range, though exceptions can be made.
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    thy-retirement/sthash.6RIhIaEq.dpuf

5
Debt-to-Income Ratio
  • Front End
  • 28 of your gross monthly income can be spent on
    your mortgage payment, including taxes and
    insurance
  • Back End
  • 36 of your gross monthly income can be spent on
    your mortgage payment (as stated above), plus
    credit card payments, car payment, student
    debtetc.
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    liv

6
  • Thank you

For more information please visit us online at
http//www.nathancarlisle.com/blog/what-is-a-conve
ntional-loan/
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