For instance, a lender may require your monthly mortgage payments (which may include taxes and insurance) not exceed 28 percent of your gross monthly income. In addition, your monthly mortgage payments, when combined with your other monthly debt payments (car loans, student loans, credit card bills, etc.
), may be limited to a maximum of 36 percent of your gross monthly income. Have a good credit score. Your credit score also plays an integral role when qualifying for a conventional loan. In fact, hdfc personal loan foreclosure statement lenders require a minimum FICO credit score of around 620 to obtain approval.
Benefits of Conventional Home Loans. While there are several benefits to securing a conventional mortgage, the type of loan you receive will be driven by factors that may not be in your control - such as FICO scores and other factors described above.
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