Conventional Home Loan
A conventional home loan is not secured by a government entity like FHA or VA loans are. For 2019, loans cannot exceed $484,350 in order to be backed by the government. That means any loan that’s over that amount is a conventional mortgage. Getting a conventional mortgage does have some unique requirements. Keep reading to learn more or APPLY TODAY.
Conventional Home Loan
A conventional home loan is not secured by a government entity like FHA or VA loans are. For 2019, loans cannot exceed $484,350 in order to be backed by the government. That means any loan that’s over that amount is a conventional mortgage. Getting a conventional mortgage does have some unique requirements. Keep reading to learn more or APPLY TODAY.
Conventional Home Loan Requirements
There are some unique requirements for a conventional mortgage in Oregon. Make sure, before you apply, that you can provide proof of income and employment verification.
Proof of Income
- Thirty days of pay stubs and year to date income
- Two years of your federal tax forms
- Roughly 60 days or quarterly statement of all asset accounts (checking, savings, and investment accounts).
- 2 years of w-2 statements
- If you receive alimony, bonuses, or disability checks be prepared to offer those forms as well
Employment Verification
It’s very important in today’s world to have a stable work history. Because of that, it’s common for lenders to call your place of employment to verify you do still work there. Further, if you have only been at your place of employment for less than a year they might call your previous employer. While it’s not a big deal if you change jobs frequently, it’s important that these jobs are all in the same industry.
Employment Verification
It’s very important in today’s world to have a stable work history. Because of that, it’s common for lenders to call your place of employment to verify you do still work there. Further, if you have only been at your place of employment for less then a year they might call your previous employer. While it’s not a big deal if you change jobs frequently, it’s important that these jobs are all in the same industry.
Apply Today
Applying for a conventional home loan is an exciting time! Apply with one of Strategic Mortgage Solutions lenders to get started.
