Conventional Fixed Rate Programs
You have probably seen many of the gloomy news reports concerning the mortgage market. In addition to the subprime market most Conventional Fixed Rate programs have also been affected. They are not impossible to qualify for but Fannie Mae and Freddie Mac have tightened basic standards used in qualifying. Below are some of the basic criteria used in qualifying for a Conventional Fixed Rate program.
620 or higher credit score
95% maximum loan amount on purchases. 90% maximum loan amount on refinances.
Two year job history. Must be able to document income via W2's or tax returns.
Minimum two year history for self-employed borrowers.