Applicants must be at least 18; have stable employment (generally two years in the same field) with proof of income (pay stubs, W-2s); provide tax returns if self-employed or if other real estate is owned; have a minimum 620 FICO; meet county loan limits (these vary and change annually); put at least 3% down (subject to DTI and credit); carry PMI if the down payment is under 20%; and, when all occupying borrowers are first-time buyers, at least one borrower may be required to complete homeownership education.

Pros: You can avoid mortgage insurance with 20% down; monthly MI can be lower than some programs for higher credit/larger down payments; no upfront MI; can finance investment or second homes.

Cons: Rates can be slightly higher than some government programs; guidelines are stricter than FHA for credit and down payment.

Lenders generally use the lower of the two middle credit scores from the applicants’ bureaus.

Yes. Permanent residents are evaluated similarly to U.S. citizens; provide a current, unexpired Permanent Resident Card. Applicants with valid employment authorization and U.S. residency may also qualify on similar terms.

Condos, single-family homes, townhomes, lofts, and most 1–4 unit residential properties are eligible.

Your rate is driven by overall risk, including the bond market, down payment, credit scores, mortgage insurance factor, and loan type.