Investment
Smart Investment Mortgage Options
Investment Requirements
640
Credit Score
Your credit score might be the most important mortgage requirement. With conventional loans, your score needs to be at least 680. If you don't meet that, we have other options.
3%
Down Payment
The minimum down payment is based on several factors, including loan type, credit score, and debt-to-income (DTI) ratio.
45%
Debt-to-Income Ratio
Your total monthly debt, including the new mortgage, should not exceed 45% of your gross monthly income. Exceptions can be made for borrowers with strong compensating factors.
Other Requirements
Loan Limits
For a conforming conventional loan, your loan must fall within the loan limits set by Fannie Mae and Freddie Mac. For {currentYear}, the conforming loan limit for a single-family home is {conformingLoanLimits}. There are exceptions, however. Alaska, Hawaii, and other high-cost areas of the country have higher loan limits, ranging up to $1,089,300.
PMI
If you put down less than 20% on a conventional loan, you’ll be required to pay for private mortgage insurance (PMI). PMI protects mortgage investors in case of a loan default. The cost for PMI varies based on your loan type, your credit score, and the size of your down payment.
