Typically, if you credit scores are at least 620, on all three credit bureaus, and you have not had any derogatory credit in the last 12 months, you will qualify for a conforming loan. By qualifying for a conforming loan it quite simply means that you should qualify for the best rates that are available.

Conforming rates are subject to change, sometimes drastically, on a daily basis. In addition to the credit requirements for a conforming loan, your loan must be within the conforming lending limits of $300,700.00. If your loan exceeds that amount then you will fit into the Jumbo Loan product. The Jumbo Loan requirements are essentially the same as the conforming loan, however, the rates are slightly higher because of the loan size.

Loan Requirements:

• Appraisal of subject property
• Last year W-2 forms for all borrowers
• Most recent 30 days of check stubs for all borrowers
• Property Survey - can use survey from purchase of home or last refinance
• Last 60 days of bank statements, 401k statements, and any other bank or institutional assets

Please see our Process Page for a further explanation of the above items and for details of the complete loan process

Contact Information

We can be contacted toll free at 866-323-2512 or via email at service@mortgagecreditsource.com

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Our office is located in Mckinney, Texas