Conventional Loan Programs

About Conventional Loans

Mutual of Omaha Mortgage offers conventional loan programs to well-qualified borrowers. Conventional loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac.

With favorable rates and terms, conventional loans have been a popular choice for homebuyers. If clients are able to meet the down payment, income and credit requirements, conventional loans typically offer more flexibility and a wider array of loan programs and terms. And Mutual of Omaha Mortgage offers fixed-rate and adjustable rate conventional mortgages to meet the lending needs of your clients.

Conventional Loan Features

3% Minimum down payment
FICO requirements:
- No minimum – Approved AUS Findings
- Manual UWs not allowed
PMI required on all loans over 80% LTV
10, 15, 20, 25 and 30 year loan terms available
1-4 unit primary residences, condos, PUDs, second homes or investment properties

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General Requirements

Minimum of two investors required for all loans. When only two investors are available the pricing for each investor must be within 50 bps of each other. For example, one cannot be priced at 100 and the other at 98.25 if those are the only two available investors.
Minimum Property rating of C4 or better. Properties rated as a C5 are not acceptable.
Loans with LTV’s greater than 80% require escrows unless not applicable by state law
Paying off loans in Chapter 13 NOT ALLOWED  Extenuating circumstances not allowed/considered
POAs not allowed on cash out refis
Single-Wide manufactured homes not allowed
Manufactured homes in flood zone not allowed
Transcripts:
- Conventional:
  - 1040s: Required when using any income specifically on 1040 (self-employed, cap gains, rental, etc).
  - W-2 transcripts required unless income validated through Work # WVOE
- Government:
  - Required on all government loans
Use of WVOE in lieu of pay stub only allowed if income is validated through W-2s or transcripts (some sort of validation of income apart from WVOE is required)
Maximum loans made to one borrower the lesser of 6 loans or $2,000,000 in total exposure
- If buying multiple investment properties borrower must demonstrate a history of managing rental properties
Maximum acreage of 50 acres
Non-Owner loans (second homes or investment properties) where borrower does not own primary residence are not allowed