In addition, a home appraisal is typically required to verify the property’s value. Connected to utilities that meet local standards.Easily accessible by roads that meet local standards.

Securable as real estate with a good title.Located in the U.S., Guam, Puerto Rico, or the U.S.After your down payment, can be purchased using a loan amount within current conforming loan limits.A single-family dwelling or multifamily dwelling with no more than four units.But there are a few basic property standards.įannie Mae’s rules for conventional, conforming loans state the home must be: In-depth home inspections are typically not required. In addition, rules for non-conforming conventional mortgages - like a jumbo loan - may be slightly different.īut the following home requirements will apply to the majority of conventional mortgages.Ĭonventional loan home requirements are pretty lenient. Learn about FHA, VA, and USDA appraisal repair requirements.Learn about FHA home appraisal requirements.Learn about VA loan minimum property requirements.Government loan programs, including FHA loans, VA loans, and USDA loans, enforce their own home condition requirements. These loan programs are not backed by the federal government. Remember, ‘conforming loans’ are a type of conventional mortgage that follow guidelines set by Fannie Mae and Freddie Mac. Conventional vs government loan requirementsĬonventional vs government loan requirementsīelow we describe home condition requirements for conforming mortgage loans.Here’s what you should know about conventional loan home requirements if you hope to qualify for a conventional mortgage. The lender wants to know it’s making a sound investment. We spend a lot of time thinking about mortgage lenders’ requirements for borrowers: whether you personally qualify for a loan.īut the home you want to buy must also qualify. Janu9 min read What are conventional loan home requirements?

Fha home inspection checklist