Conventional Loan Basics, Who Qualifies, and What Else is Out There if You Don’t

In this series, we're going to talk about different loan programs. Did you know that at Nestmade mortgage, we have 28 different loan programs! And today, we're going to talk about conventional loan and who qualifies for a conventional loan. Hey, what's up everybody! This is Benson Pang, broker owner of Nestmade Mortgage.

When it comes to conventional loan, it is something that as a broker when we're talking to a client, we're having our one on one, this is our first program that we look into because it is a conventional loan. Conventional loan meaning like 80% of the people get it. So it's one of the first programs we start looking into to see if you qualify for the monthly payment that this conventional loan requires.

So with conventional loan, we look into credit, income, and assets. So credit score, your liabilities, if you have any bankruptcies or charge offs or collections, this is where we start looking into and guide you through the process on how to maybe even get better with it.

And the second thing that we look into is your income. When it comes to income, conventional loan has their guidelines that require us to look at your tax returns, W2s, paycheck stubs, to make sure you're getting the right amount of income. Now not everyone is going to qualify for what the industry guideline is going to talk about.

And that's why we're here to take a look at your documents to see if you fit this profile for a conventional loan. And if you don't, we have 27 other programs we can look into such as a bank statement loan, or a no racial loan, or an FHA loan may have a lower requirements when it comes to qualifying. So credit, income and assets, so the last thing is assets. We look into two months of bank statements to make sure the money is seasoned.

If this video resonated with you and if you're interested in getting qualified for a conventional loan or see what other programs we have, give my office a call. My office phone number (626) 262-4321.

Visit our website www.nestmade.com. And did you know that we're now part of the Find My Way Home loan officer expert network!? So if you love this video and you want to learn more about how you can qualify for different loans and learn more about mortgage its own, go on their website, www.Findmywayhome.com and learn more. Thank you so much for watching.