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Have Questions or Ready to get Pre-Approved? https://WorkwithChanning.com Conventional Loan Requirements | Conventional Loan Guide for First-Time Home Buyers ⭐ Call or Text Me: My cell phone is 337-476-2653 I am happy to help. Let’s get you home!:) ⭐My Google Reviews: https://tinyurl.com/bayoureviews Conventional Loan Requirements | Conventional Loan Guide for First-Time Home Buyers Thinking about buying a home but not sure if a conventional loan is right for you? In this video, I break down everything you need to know about conventional loan requirements — especially for first-time home buyers. We’ll cover: Minimum credit score for a conventional loan Down payment requirements (3% for first-time buyers!) Where your down payment can come from (savings, 401k, gift funds, etc.) How private mortgage insurance (PMI) works on conventional loans Income and DTI (debt-to-income) guidelines Conventional loan limits and jumbo loans Eligible property types (single family, condo, multi-family, barndominiums, etc.) Special programs like HomeReady, Home Possible, and 1% down grant programs By the end of this video, you’ll know whether a conventional loan is the right choice for your first home (or next home). 📌 Chapters / Timestamps 00:00 – Intro: Why Conventional Loans 01:10 – Credit Score Requirements 02:13 – The 20% Down Myth 02:45 – Minimum Down Payments 04:20 – Down Payment Sources 06:01 – Gift Fund Rules 08:09 – Using Retirement Funds 10:16 – Why Cash Doesn’t Work 11:23 – First-Time Buyer Definition 11:51 – How PMI Works 14:45 – Eligible Property Types 16:19 – Income & Work History 18:27 – Debt-to-Income Ratios 20:57 – Loan Limits & Jumbo Loans 23:19 – HomeReady & Home Possible 25:41 – 1% Down Grant Programs 26:46 – Cons of Conventional Loans 27:47 – Next Steps & How to Qualify Thank you for watching and being a part of our community! 🙌 Channing Moore Owner, Bayou Mortgage NMLS # 1845349 NMLS # 1235512 [email protected] 791 Bayou Pines East Unit 5 Lake Charles, LA 70601