From 3% down · jumbo above the county limit

The widest choice of property, and the highest bar to clear.

Not government-backed, which cuts both ways: the credit and income requirements are stricter, and in exchange you get the most flexibility on what you buy and how the loan is structured. It is also the only common program where the mortgage insurance comes off.

Start your application Call (580) 284-7244

What it takes

The requirements, in plain terms.

Credit

A higher bar than FHA. Your score influences both whether you qualify and the terms available, which is where shopping several lenders earns its keep.

Down payment

From 3% for qualifying first-time buyers, and more typically 5% to 20%. Gift funds are allowed with a documented letter.

Income

Documented, with closer attention to your debt-to-income ratio than FHA applies.

Occupancy

Anything: the home you live in, a second home, or a rental.

The property

An appraisal is required, but there is no government condition checklist the way FHA has one.

Documents

What to have ready.

Requested once, up front, rather than in dribs — missing paperwork is what actually delays a file. The full checklist by how you're paid is on the loan programs page.

Pay stubs covering the last 30 days
W-2s for the last two years
Two months of bank statements — every page
Photo ID, and two years of addresses and employment
A written explanation for any large or unusual deposit in those statements
A signed gift letter if family is helping with the down payment

Full document checklist

The part worth knowing

What people find out too late.

Above your county's conforming limit the same loan becomes a jumbo, and jumbo guidelines are set by each lender rather than by Fannie Mae or Freddie Mac. Reserves, how deeply your income has to be documented and the credit bar all vary from one lender to the next. That is the single strongest argument for using a broker — on a jumbo file, shopping it genuinely changes what you qualify for.

Answers

Questions about conventional loans.

General answers. Every file is different, so treat these as a starting point rather than a quote.

When does the mortgage insurance come off?

You can request removal once you reach 20% equity, and it terminates automatically at 22%. This is the main structural advantage conventional has over FHA.

What is the conforming limit for my county?

It changes annually and varies by county. Rather than quote a number that may be out of date by the time you read it, send Lucy the county and price and she will tell you which side of the line you are on.

Can I put 20% down to avoid mortgage insurance?

Yes, and plenty of buyers do. Whether it is the best use of your cash depends on what else that money is for — Lucy will lay out both versions rather than assume.