Conventional Loan Requirements

Conventional loans are often the best option for home buyers with a good credit score and the ability to make larger down payments. Conventional loans typically require a FICO score of at least 620 and a minimum down payment of 5%. The interest rates for conventional loans will decrease when a borrower has a higher credit score and is able to make a larger down payment. The difference in monthly payments for borrowers with credit scores of 620, 680, and 740 is dramatic, resulting in tens of thousands of dollars extra paid by those with lower FICO scores.

The maximum loan amount for conventional loans is $424,100. For borrowers with FICO scores above 660, second liens may be allowed. Closing costs of up to 3% may be rolled into the mortgage amount for down payments of 5-9%. Closing costs of up to 6% may be rolled into the mortgage amount for down payments of 10% or more. There are options to avoid Private Mortgage Insurance (PMI), usually with a down payment of 20% or more.

More Loan Types


FHA/HUD loans are one of the easiest mortgage loans to qualify for, making them popular for both first-time home buyers and repeat buyers.

VA Loans

VA loans are available to eligible U.S. military veterans, active duty service members, National Guard, Reservists, and surviving spouses.

USDA Loans

USDA loans are only available in rural areas; however, 97% of the U.S. classifies as “rural” under this loan program.

Jumbo Loans

Jumbo loans are used for mortgage loans over $424,100. A strong FICO score, generally 680 or better, is required to qualify for a jumbo loan.

Find the Right Loan for You

There are many types of loans available and understanding mortgage options can be complicated. Whether you’re a first time home buyer, looking to refinance, self-employed, military veteran, or public servant- The Tuttle Group is here to help. We’re experienced in working with people who have unique loan situations and we will help you figure out the loan program best for you.


If you’re ready to start the process or starting to think about a new home loan, fill out our quick form to get started. We’ll help answer any questions and let you know what to expect. If you’re ready to get started, we’ll do that too. Just fill out our quick form and we’ll be in touch soon.

Resources & Tools

We’ve compiled a variety of resources to help borrowers of all types make sense of the process. And when you’re ready to get started, our team is here to help.

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