If you are a qualifying first time homebuyer, then your down payment could be as low as 3%. Other homebuyers could have a down payment as low as 5%. You don’t need a 20% down payment to get a conventional loan but it helps.

For conventional loans, the minimum credit score qualifications can vary, but typically the minimum is 620.

If you’re a first time homebuyer taking advantage of the 3% down payment option, you will be required to pay mortgage insurance. In fact, a down payment less than 20% will require you to pay mortgage insurance. When you put 20% or more down on your home, you can eliminate PMI.

You should never purchase a home without having it inspected before. An inspection allows you, the homebuyer, to have a better understanding of the condition of the home.

Aside from an inspection, the home will need to be appraised by an approved appraiser.

Closing costs are any expenses that you might have to pay over and above the price of the property. These costs can, but don’t have to include: origination fees, discount points, appraisal fees, title searches, surveys, and taxes

Several factors play into the loan limits. Mostly, it is determined by the terms of the loan and the location of the house. There are certain areas of higher cost that have a higher term limit. To learn more about the limits in your area, contact a mortgage consultant.