Conventional Loan Requirements | Conventional Loan Guide For First-Time Home Buyers

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Conventional Loan Requirements | Conventional Loan Guide for First-Time Home Buyers

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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