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- To qualify for a conventional mortgage, you typically need a 620 credit score, 36% debt-to-income ratio, and 10% down payment.
- But there are programs that help first-time homebuyers get mortgages even if they don’t meet conventional loan standards.
- You may be eligible for a government-backed mortgage, a conventional loan backed by Fannie Mae and Freddie Mac, or a program specific to your state.
- You can also get a special loan if your home requires significant repairs after moving in.
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Buying your home may feel like an insurmountable challenge, because you have to meet multiple requirements to qualify. Conventional mortgages typically mandate at