Conventional Guidelines

  • Maximum loan amount: $548,250 (or county maximum for high balance areas)

  • Bankruptcy: 

    • Chapter 7 (4 years seasoning or 2 years if approved by the AUS)

    • Chapter 13 (2 years seasoning from discharge or 4 years from dismissal)

  • Foreclosure:  7 years seasoning ( or possibly 3 years if approved by the AUS)

  • Short Sale: 4 years (or possibly 2 years if approved by the AUS)

  • DTI: 50% with AUS approval

  • Minimum down payment: 3%

  • Maximum LTV: 97%

  • Maximum number of financed properties: 4

  • Minimum reserve requirements: Determined by AUS

  • Minimum credit score: 620

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