Conventional Loans The Conventional loans are more strict on credit profiles and guidelines.You may consider 3% down conventional from a minimum 620 fico score. Conventional financing conforming loan limits is up to $453,100 and up to $679,650 is conforming High Balance and Jumbo up to 3 million. Also Conventional Loans also have a longer time frame for BK and foreclosure/short sales as well. You will have to wait 4 years after a BK to qualify for conventional loans and 7 years after a foreclosure/short sale. There are special circumstances to shorten those time frames. *Portfolio* You may now qualify ONE DAY after a short sale, foreclosure or deed in lieu from 20% down payment and minimum 680 fico score. FHA on the other hand only has 2 years after a BK and 3 years after a foreclosure/short sale to qualify also with shorter time frames with special circumstance. *Standard FHA is 3.5% down, both have less-stringent credit qualifications and currently allows seller concessions of 6% of the purchase price as opposed to conventional financing which caps seller contributions for closing costs at 3% of the sales price with a 5% or less down payment. FHA 3.5% down is available with a minimum 580 fico score up to $453,100 and then requires a minimum 580 fico score up to High Balance Jumbo FHA loan limits per county.