To determine if you qualify for a conventional mortgage Loan, we will look at:
- Your income and your monthly expenses. Standard debt-to-income ratios are 28/36 for Conventional Loans. These ratios may be exceeded with compensating factors.
- Your credit history (this is important, but Conventional credit standards are slightly flexible). A FICO score of 640 or above is very helpful in obtaining an approval.
- Your overall pattern rather than to individual problems you may have had.