What makes a mortgage conforming?

[earthbm_IHB]

...other than size?

- Any maximum LTV (I recall 80%, but don't remember from where)?

- Income requirement?

- FICO score?

- ??

 

[interloper_IHB]

1 Unit - $417,000 2 Unit - $533,850 3 Units - $645,300 4 Units - $801,950

95% CLTV

575 Min Fico

Fully Documented Income.

This is all for an owner occupied sfr, as you move away from that(ie, condo, 2nd home, etc) the guidlines get more strict.

The above are applicable for Purchase or Rate and term Refi's. Cash out refinance lowers LTV by 5%.

 

[earthbm_IHB]

575 min FICO after the mortgage is taken, right?

Does FICO take income into account? eg, can one obtain a conforming mortgage with monthly payments at 50% or higher of income?

 

[effenheimer_IHB]

The FICO scoring model does not consider income.

 

[interloper_IHB]

"can one obtain a conforming mortgage with monthly payments at 50% or higher of income" Yes. In some cases FNMA will allow up to 64.99% Debt Ratios.