Conventional Mortgages

A conventional mortgage is a loan that is available to those who can meet certain requirements. The most common requirements are a credit score of at least 620 and a low debt-to-income ratio (DTI). The debt-to-income ratio is the percentage of your income that goes toward your monthly payments and is a key consideration in determining your mortgage interest rate. Most lenders have a minimum DTI of 36% for new applicants, but some are more lenient and require a lower level.