Texas Conventional Home Loans
Getting a Conventional Home Loan is harder to qualify for then an FHA Home Loan or a VA Home Loan. Due to market conditions Conventional Home Loans are being used primarily when the buyer is not going to be using the property as their primary residency. The Conventional Home loan could be used if the buyer purchase is for a Owner Occupied, a Second Home or a Investment property.  

The perceived risk from the lender side is the Loan to Value and the credit worthiness of the buyers. 
Here is a breakdown of Conventional Home Loans pertaining to types of Occupancy and Credit Score.
Owner Occupied Properties:
  • Max LTV is 95%. Minimum FICO is 680 to get approved for Mortgage Insurance.
  • LTV less then 80% Minimum FICO Score is 620.
  Second Homes: 
  • LTV 80% or less requires a minimum FICO Score of 620.
  • Lender requires the buyer to have at least 6 months reserves for both properties and or 30% equity in the primary home.
  Investment Properties:
  • LTV 80% or less requires a minimum FICO Score of 660.
  • Lender requires the buyer to have at least 6 months reserves for all properties owned as rental and 2 months of reserves for primary property and or 30% equity.
  • Maximum properties allowed financed is 4 units.*
  • Fannie Mae has a Conventional Home Loan program that allows up to 10 properties.
The Legacy Team of LeaderOne Financial Corporation 
Joy Bates
NMLS# 243437
1205 W Abram Street Suite 100
Arlington, TX 76013
Phone: 817-860-3232
Fax: 817-860-3345

Equal Housing Opportunity
 

LeaderOne Financial Corporation, 11020 King St. Suite# 390 Overland Park, KS 66210, Licensed by the Texas Department of Savings and Mortgage Lending. 7 TAC §81.200(c) CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. - See more at: http://www.l1mortgage.com/cd/licensing-information#sthash.0QK41PBV.dpuf

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