Current conventional guidelines, updated from one source.
One guideline source feeds every number here, and the page updates when the source does. These are purchase and refinance parameters; the leverage table underneath covers occupancy by occupancy, and the status lines cover insurance, gifts, and the first-time-buyer programs.
First-time buyer; 5% standard; 97% loan-to-value at the top
The agencies set the floor at 3% down for a first-time buyer and 5% for a repeat buyer, on a principal residence; the whole down payment may be a gift from a relative on a one-unit home, and twenty percent down removes mortgage insurance from the payment entirely.
Priced on the score; no agency minimum with an automated approval
620 is the working floor, a wholesale overlay rather than an agency rule, since Fannie Mae requires no minimum score for a loan the automated system approves and 620 only on a manual fixed-rate file. Above the floor, each step up in score lowers the cost of the loan and of the insurance.
Required above 80% LTV; removed at 80% by request, 78% automatically
Private mortgage insurance applies above 80% loan-to-value. Fannie Mae’s 2022 figures put the annual cost in a range of 0.58%–1.86%, depending on the score and the leverage. It ends by request at 80% of the original value, automatically at 78%, and no later than the midpoint of the term.
With an automated approval; 36% to 45% on a manual file
Lenders compare total debt against gross income, with limits up to 50% on an automated approval and 36% to 45% on a manual file. The housing payment counted includes the mortgage insurance while it applies, which is why cancellation changes the ratio as well as the payment.
| Purpose | Occupancy and program | Maximum LTV |
|---|---|---|
| Purchase | One-unit principal residence, first-time buyer (fixed rate) | 97% |
| Purchase | One-unit principal residence, standard | 95% |
| Purchase | HomeReady / Home Possible (income limits apply) | 97% |
| Purchase | Two- to four-unit principal residence | 95% |
| Purchase | Second home | 90% |
| Purchase | Investment property, one unit | 85% |
| Purchase | Investment property, two to four units | 75% |
| Refinance | Limited cash-out (rate-and-term), one-unit principal residence | 95% |
| Refinance | Cash-out, one-unit principal residence | 80% |
| Refinance | Cash-out, two to four units, second home or investment | 75% |
| Combined LTV | Maximum contribution |
|---|---|
| above 90 percent | 3% of the sales price |
| 75.01 to 90 percent | 6% of the sales price |
| 75 percent or less | 9% of the sales price |
| investment property (any) | 2% of the sales price |
| Event | Waiting period |
|---|---|
| Chapter 7 or 11 bankruptcy | four years from discharge or dismissal (two years with documented extenuating circumstances) |
| Chapter 13 bankruptcy | two years from discharge; four years from dismissal (two with extenuating circumstances) |
| Multiple bankruptcy filings | five years when more than one filing within the past seven years |
| Foreclosure | seven years (three with extenuating circumstances, then limited to a principal residence or second home at 90 percent LTV, purchase or limited cash-out) |
| Deed-in-lieu, short sale or mortgage charge-off | four years (two with extenuating circumstances) |
Mortgage insurance: Fannie Mae reports that private mortgage insurance typically ranged from 0.58%–1.86% of the loan amount a year; the premium on a specific loan is priced by the insurer on the score, the leverage, and the coverage, and is never quoted here. Gifts from relatives may fund the entire down payment on a one-unit principal residence. HomeReady and Home Possible lend to 97% with income at or below 80% of the area median; HomeOne lends to the same leverage with a first-time buyer and no income limit.
Current conventional snapshot · updated October 3, 2026 · principal residences occupied within sixty days, second homes, and one- to four-unit investment properties · conforming limits apply by county and are confirmed by a Lendmire loan officer · above the limit, see the jumbo program · no prepayment penalty · Lendmire is a broker, never the lender.
Informational only; not a commitment to lend, an approval, or a quote. Every figure on this page is a program parameter read from Lendmire’s guideline source, built on the agencies’ published guides, and may change without notice; eligibility, the loan amount, the insurance, and the ratios depend on the credit profile, the property, the occupancy, and underwriting. The mortgage insurance estimate is editable and not a premium quote. Lendmire is a mortgage broker licensed in sixteen states for consumer mortgages. NMLS #2371349.
What a conventional loan is — and how the file is qualified.
The difference between a conventional loan and a government loan is who stands behind it. No agency insures a conforming loan; a private insurer covers the top slice above the threshold, and the agencies buy the loan on their rules. That structure explains each of the four pieces below for a Hampton buyer.
For the program overview, see Lendmire’s conventional loan program, or the statewide guide at Conventional Loans in Virginia; for the mortgage insurance cancellation rules, see the CFPB.
Leverage by occupancy and buyer
Who the buyer is matters as much as what the home is. A first-time buyer, meaning no ownership interest in a home for three years, qualifies for the smallest down payment on a principal residence; a repeat buyer starts a little higher; and HomeReady, Home Possible, and HomeOne open the top leverage to buyers who meet their conditions.
Credit scores and automated underwriting
What the score does on a Hampton conventional file is set the cost. A lower score raises the loan-level adjustments and the insurance premium; a higher score lowers both. Manual underwriting, used when the automated system cannot approve the file, carries its own minimum score and tighter ratios.
Mortgage insurance that cancels
Insurance structures vary: borrower-paid monthly is the default, and lender-paid, single-premium, and split-premium versions exist, each built into the loan differently. The published typical range in the snapshot is Fannie Mae’s, and the actual premium for a Hampton file comes from the insurer at lock, never from this page.
Ratios, reserves, and the DU finding
The automated finding is the hinge of a conventional file: it reads the income, the assets, the credit, and the property, allows a total debt ratio up to the automated maximum, and names the reserves the file must show. A Hampton underwriter then verifies what the finding assumed.
A lender runs the same math on a Hampton file with one difference: the insurer’s actual premium replaces the estimate. The estimate here starts at the low end of the published range and is editable, because the real figure depends on the score and the leverage.
Where Hampton buyers borrow — and how a conforming loan fits.
Start with the market, then the file. The Hampton figures below set the backdrop for a conventional purchase: who owns, what homes are worth on the latest estimate, and what households earn, which together decide what a first-time buyer’s down payment and payment look like locally.
Market context only. Higher values mean a larger down payment in dollars and a larger insurance premium; lower values mean a payment that leaves more room under the ratio ceiling. The percentages do not move; what they amount to does.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Hampton neighborhoods, distinct conventional files.
The house and its use decide the file as much as the borrower. These Hampton submarkets differ in the property types, the occupancies, and the prices a typical buyer carries, which is what the cards below describe.
Two-to-four-unit homes
The owner-occupied multi-unit Hampton file is a conventional specialty with its own leverage, its own rent-counting rules, and its own reserve requirement. The buyer in one unit qualifies on the combined picture. Roughly 33,046 Hampton households own their homes on the latest Census estimate — 57% of all households, the pool a conventional purchase joins.
Established close-in neighborhoods
Renovated and unrenovated homes sit side by side in Hampton’s established neighborhoods, and the appraisal values each on comparable sales. The leverage, the insurance, and the ratio do not change with the age of the house. On a one-unit principal residence at Hampton’s median value, the first-time buyer’s minimum down payment comes to about $7,400 and the standard minimum to about $12,300 — before closing costs, and before the mortgage insurance that comes with either; a second home, a multi-unit home, or a rental starts higher, as the leverage table shows.
Newer infill and recent construction
New rows and recent infill in Hampton tend to appraise cleanly, so the loan amount is the question: a contract near the conforming limit is checked against the county figure before the offer, and a loan above it needs a larger down payment or the jumbo program. The median owner-occupied home value in Hampton runs near $245,700 on the latest Census estimate.
Higher-value homes
On Hampton’s higher-value homes, a conventional loan hits the conforming limit first. Buyers over it can bring a larger down payment to fit under it, use the high-balance range where the county has one, or choose the jumbo program. A loan officer confirms the current limit before the offer. Hampton is home to about 138K people.
Condominiums and townhomes
A Hampton condominium in an established project is a conventional file with the project review added. Established projects usually pass; new or investor-heavy ones draw questions, and a project that fails goes to a portfolio lender on different terms. About 43% of Hampton’s households rent — roughly 25,011 renter households on the latest Census estimate.
Investor and second-home purchases
Hampton rentals and pied-à-terre purchases run on conventional loans because FHA and VA finance principal residences only. Conventional terms include investment and second-home leverage in the snapshot, reserves for each financed property, and adjustments for the occupancy. Median household income in Hampton sits near $69,621 on the latest Census estimate.
The rules do not change with the street. Every Hampton file is checked the same way: price against the appraisal, property against the agencies’ standards, condominium against the project review, occupancy against its leverage limit, and borrower against the score, the ratios, and the reserves the finding requires.
Four ways Hampton buyers put a conforming loan to work.
The conventional loan is one of the broadest mortgage programs there is: it buys a first home with a small down payment, a move-up home with cancellable insurance, a second home, and a rental, and it refinances all of them. The cards below are the uses that bring Hampton borrowers to it most.
Buy a second home
A second home in Hampton is a conventional file with its own leverage and reserve rules: more down than a principal residence, the payment on the existing home counted in the ratio, and a property the owner occupies part of the year rather than rents full time.
Buy with twenty percent down and no insurance
A Hampton buyer with twenty percent down gets the conventional loan’s cleanest form: no mortgage insurance, loan-level adjustments at the best tier the score allows, and a payment of principal, interest, and escrows alone. Second homes and investment property are priced from the same structure.
Buy a first home at the first-time-buyer minimum
A Hampton buyer who has not owned a home in three years qualifies for the program’s smallest down payment on a one-unit principal residence with a fixed rate; the down payment can be a gift from a relative, the seller can pay closing costs within the cap, and the insurance cancels as equity grows.
Refinance or take cash out
Refinancing on a conventional loan follows the same leverage table as buying: rate-and-term to the higher limit, cash-out to the lower one. A Hampton owner who has carried mortgage insurance may also use the refinance to leave it behind once the new loan sits at or below the threshold.
Estimate the payment on a Hampton price before requesting a quote.
Before you ask for a quote, size the payment yourself: the Hampton price, the down payment, the term, the benchmark rate, the insurance estimate, and the escrows go in, and the thresholds and the ratio ceiling come from the same guideline source as the block above. The result is an estimate, the rate is a published market average, and the insurance figure is an editable estimate inside Fannie Mae’s published range.
Hampton conventional payment estimate
The starting figures are a Hampton price at the first-time buyer’s minimum down payment. Replace them with yours.
Editable benchmark: 7.28% as of October 1, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a conventional loan quote.
Estimate seeded at the low end of Fannie Mae’s published range (0.58%–1.86% a year); the insurer prices the actual premium on the score and the leverage. Applies only above 80% loan-to-value.
Illustrative starting assumptions: a $245,000 price near Hampton’s median owner-occupied home value, the first-time buyer’s minimum down payment, a thirty-year term at the current Freddie Mac benchmark, mortgage insurance at the low end of Fannie Mae’s published range, property taxes and insurance estimated for Virginia (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not a conventional loan quote; your rate is set by the lender at lock. The mortgage insurance figure is an editable estimate seeded from Fannie Mae’s published typical range, not a premium quote; the insurer prices the actual premium, and the cancellation month assumes scheduled payments with no extra principal and no change in value. Taxes, insurance and dues are editable estimates; closing costs are not included. Conforming loan limits apply by county. Licensed in sixteen states for consumer mortgages.
Same buyer, three very different closings.
Most buyers can close the same purchase three ways, and the structures differ more than the labels suggest: conventional with insurance that cancels, FHA with a small investment and premiums for the life of the loan at full leverage, or VA with nothing down and no insurance for the eligible veteran.
Conventional, FHA, or VA.
The program’s strengths are the cancellable insurance, the breadth of occupancies, and a cost structure that rewards a strong score; its weakness is the same structure applied to a weak one. A Hampton buyer with a strong score usually pays less each month here than on FHA.
FHA’s leverage is high and its credit standard is forgiving, but its insurance is priced by schedule rather than by score and does not cancel on a full-leverage thirty-year loan. A Hampton buyer comparing the two sees the premium line stay on FHA and disappear on conventional. See Lendmire’s FHA loan program.
VA beats conventional on the principal residence for nearly every eligible borrower; conventional beats VA on everything VA does not touch: second homes, rentals, and buyers without the certificate. The two often sit side by side in one Hampton household. See Lendmire’s VA loan program.
Choose by profile: a strong score and any down payment point to conventional; a modest score and a small down payment point to FHA; eligibility with full entitlement points to VA. A Hampton loan officer runs all three on the same numbers before recommending one. Above the conforming limit, see the jumbo loan program.
What to prepare for a Hampton scenario review.
What a lender reads on a Hampton conventional loan, and what you can have ready before anyone asks.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the transaction, the property, the automated underwriting finding, and the income picture. Nothing here is legal or tax advice.
Local details that can change the loan.
What moves a Hampton file most often: the insurance and its cancellation, the score and the cost it sets, the appraisal, the condominium review, the conforming limit, the ratio and the reserves, the occupancy rule, and the seasoning after a credit event.
Use these checks to keep the Hampton file clean and fundable.
The list is short because the program is simple at its core: the insurance, the score, and the property decide most Hampton files before income is even opened.
- Plan the insurance: the premium is priced on the score and the leverage inside the published range.
- Confirm the score: a self-pulled score can differ from the decision score.
- Check the limit: a loan above the limit needs a larger down payment, the high-balance range where the county has one, or a jumbo loan.
Mortgage insurance: how much, and until when
Cancellation on request needs a good payment history, no subordinate liens, and no decline in value; automatic termination needs only that the loan be current. A Hampton owner whose home has gained value may also ask the servicer to recognize the current value under its own rules, which is a servicer decision rather than a program right.
The score sets the cost
The score does two jobs on a Hampton file: it feeds the automated assessment alongside the rest of the credit file, and it sets the cost of the loan and the insurance. A buyer close to a cost tier sometimes gains more from a short wait and a paid-down balance than from any other change.
The conforming limit
The limit caps the loan, not the price. A Hampton buyer shopping above it has a few routes, a larger down payment, the high-balance range where the county allows it, or a jumbo loan, and the better one depends on the score, the reserves, and the cost on each. These pages do not quote the limit because it changes every year.
The appraisal and value acceptance
A conventional appraisal values the Hampton home and reports on condition without a HUD or VA property standard; the home must be safe, sound, and marketable. The automated system sometimes offers value acceptance or an appraisal waiver, in which case no appraisal is ordered and the file closes on the system’s valuation.
Waiting periods after a credit event
The agencies season credit events rather than barring them: each bankruptcy chapter, a foreclosure, a deed-in-lieu, and a short sale carry their own period, shortened by documented extenuating circumstances. The snapshot table shows each one for a Hampton buyer planning the timing.
From a Hampton pre-approval to keys in hand.
From the first conversation to the closing table, a Hampton conventional purchase takes four steps, and each one carries an agency rule inside it.
Pre-approval
The first conversation settles the shape: whether the buyer counts as a first-time buyer, what leverage the occupancy allows, how much insurance the down payment carries, and whether conventional is the right program next to FHA and VA for the Hampton purchase.
Contract and appraisal
The Hampton contract sets the price and the contributions; the appraisal, or the system’s value acceptance, sets the value. Both feed the loan amount, and the lender confirms the project review and the conforming limit before underwriting begins.
Underwriting
The automated finding says what the file needs; the underwriter confirms the file has it. A Hampton buyer who gathered the documents at pre-approval clears conditions quickly; one who did not spends the time here.
Closing
Closing is where the structure becomes a payment: principal and interest, the insurance while the loan is above the threshold, taxes and insurance. The Hampton buyer takes the keys, and the lender delivers the loan to the agency it was written for.
A brokerage that prices the whole market.
The case for a brokerage on a conventional loan is candor with numbers: the same file priced across programs, the insurance premium and its cancellation month stated outright, the leverage checked against the occupancy, and the terms in writing.
Several programs, one set of numbers
Before any recommendation, the Hampton file is priced across the wholesale programs Lendmire works with and run against FHA and VA on the same price, score, and down payment. The buyer sees the payment, the insurance line, and the cash to close for each, and the choice follows the figures.
The insurance explained before the offer
No Hampton buyer should learn at the closing table what the insurance costs or how long it lasts. The loan officer walks through the premium for the leverage chosen, the month the thresholds arrive on scheduled payments, and the alternative of a larger down payment.
Licensed, consumer-purpose, in writing
What this page shows are the agencies’ parameters and the wholesale overlays; what a specific Hampton loan gets is a written set of terms from a licensed loan officer after the review. Lendmire is a broker, never the lender.
Trusted by buyers & families alike.
Hampton conventional loan FAQs
The questions below come up on nearly every Hampton conventional conversation. The answers are general; the figures in the snapshot above are the program’s current parameters.
What is a conventional loan, and who is it for?
Think of it as the mortgage without a federal guaranty or insurance: the agencies set the rules, a private insurer covers the high-leverage slice, and the score sets the price. Principal residences, second homes, and one- to four-unit rentals are all inside it.
How much do I need to put down on a conventional loan in Hampton?
A small share of the price for a first-time buyer, a little more for a repeat buyer, and twenty percent to skip the insurance. A loan officer turns the percentages into dollars on the price you choose.
What credit score do I need for a conventional loan?
The practical answer is the floor in the snapshot, and the useful answer is that every tier above it lowers the cost. A Hampton buyer with a modest score should run FHA beside conventional, because FHA prices its insurance by schedule rather than by score.
How does private mortgage insurance work, and when does it end?
The premium is a percentage of the loan a year, divided into the monthly payment, and it is set by the insurer on the score and the leverage rather than by a government schedule. It cancels: by request at the request threshold, automatically at the termination threshold, and no later than the midpoint of the term.
What is the conforming loan limit in Hampton?
The limit changes every year and differs by county and unit count, so ask a loan officer for the current figure. It caps the loan, not the price: a Hampton buyer above it brings a larger down payment or uses a jumbo loan.
Can I get a conventional loan after a bankruptcy or foreclosure?
Yes, once the waiting period in the snapshot table has run: each bankruptcy chapter, a foreclosure, a deed-in-lieu, and a short sale carry their own period, measured from discharge, dismissal, or the completion of the event, and several are shortened by documented extenuating circumstances. The periods are longer than FHA’s or VA’s.
Is a conventional loan assumable?
Rarely. The fixed-rate conforming loan cannot be assumed; a few ARMs can. For a Hampton buyer who wants an assumable loan, FHA and VA are the programs that offer one.
Can I buy a second home with a conventional loan?
Conventional financing reaches second homes where the government programs stop. The leverage is lower than on a principal residence, the reserves are higher, and the rest of the file is standard.
Can I take cash out with a conventional refinance?
A conventional cash-out refinance replaces the first mortgage with a larger loan at the cash-out leverage and hands over the difference. A Hampton owner with a low-balance first mortgage usually compares a second lien first.
Can the down payment be a gift?
Yes. On a one-unit principal residence the entire down payment may come from a relative, a domestic partner, or a fiancé, documented with a gift letter stating that no repayment is expected and evidence of the transfer. On a second home or a two- to four-unit home above the threshold, part of the down payment must be the buyer’s own funds.
Conventional, FHA, or VA for Hampton: compared on your numbers.
When you are ready, a Hampton review sizes the loan, settles the program and the insurance structure, and produces written terms. Nothing on this page commits anyone to lend.
This guide covers Hampton — for the statewide guidelines, markets, and scenarios, see Conventional Loans in Virginia, part of Lendmire’s conventional loan program.
Nearby markets in Virginia: Norfolk · Newport News · Portsmouth · Cape Charles · Virginia Beach · Chesapeake · Williamsburg · Suffolk
Related programs: FHA Loans · Jumbo Loans · Refinance Loans