The Conventional Loan Qualification Workbook (2026)
Check your file against the Fannie Mae rules before a lender does: loan limit, income, debts, cash to close, seller credit and PMI, as fill-in worksheets
$14
Buy the workbook, $1410 chapters, about 4,700 words. Instant online access, printable to PDF. One payment, no subscription.
Who it is for
- Buyers planning a conventional loan who want to know their real qualifying numbers before talking to a lender
- Self-employed borrowers, commission earners and retirees whose income is not a simple salary
- Buyers deciding how much down payment, seller credit and mortgage insurance make sense
What it is not: it is not a pre-approval: only a lender's underwriting can approve a loan, and lenders may apply stricter rules; it is not legal, tax or financial advice and does not recommend a lender or a loan.
What is inside
- The 2026 conventional loan screen in one page free below
- Worksheet: your qualifying income
- Worksheet: self-employed income, the cash-flow method
- Worksheet: your debt-to-income ratio
- Worksheet: cash to close, reserves and the source of every dollar
- Seller concessions: the maximum credit you can ask for
- Mortgage insurance: price it, then plan its exit
- Letters for the underwriter: gift letter and explanations
- Credit preparation in 60 days
- If the answer is no: adverse action notices and your next move
Included in the paid chapters: 14 checklist items and 24 worksheets or reference tables, each citing the official rule it relies on.
Introduction
A conventional loan follows rules that are public: the Fannie Mae Selling Guide and the Freddie Mac Seller/Servicer Guide. Lenders apply those rules (often with stricter rules of their own, called overlays) and run your file through automated underwriting. This workbook lets you run the same checks on paper first, so that you walk into a lender's office knowing your loan limit, your qualifying income, your debt-to-income ratio, the cash you need and the mortgage insurance you will pay, and how to end it.
How to use it: print it (Ctrl+P or Cmd+P, then "Save as PDF" or print on paper) and fill it in with a pencil, a calculator and your last two years of tax documents. Chapter 1 is a one-page screen; the following chapters are the detailed worksheets.
The rules quoted are the ones in force on October 2, 2026, with the 2026 conforming loan limits published by the Federal Housing Finance Agency (FHFA). Most rules come from Fannie Mae; Freddie Mac's are close but not identical, and the difference is noted where it matters. Section numbers are given so you can read the official text in the Fannie Mae Selling Guide.
Chapter 1: The 2026 conventional loan screen in one page
Fill in the right-hand column. Any "check" answer is not a refusal: it is the line to discuss first with a loan officer, and the chapter of this workbook to read next.
Line 1: does the loan fit the county limit?
A conventional loan bought by Fannie Mae or Freddie Mac must be at or below the conforming loan limit of the county where the property is. For 2026, FHFA set the baseline limit for a one-unit home at $832,750. In high-cost counties the limit is higher, up to $1,249,125 for one unit in the contiguous states; Alaska, Hawaii, Guam and the U.S. Virgin Islands have higher statutory limits.
| Units | 2026 baseline limit (most counties) | Highest limit in the 2026 FHFA county file |
|---|---|---|
| 1 | $832,750 | $1,299,500 |
| 2 | $1,066,250 | $1,663,600 |
| 3 | $1,288,800 | $2,010,950 |
| 4 | $1,601,750 | $2,499,100 |
The highest values are those of Alaska and Hawaii counties. Your county's figure is on our free conforming loan limits page, which lists every county from the FHFA file, and on the FHFA conforming loan limit page.
| Check | Your numbers | Pass or check |
|---|---|---|
| County of the property | ||
| 2026 limit for that county and number of units | ||
| Loan amount you need | ||
| Loan at or below the limit? |
A loan above the limit is a jumbo loan, with its own lender-by-lender rules.
Lines 2 to 8: the rest of the screen
| Rule (Fannie Mae, 2026) | Requirement | Your situation | Pass or check |
|---|---|---|---|
| 2. Occupancy | Primary residence, second home or investment property; the category changes everything below | ||
| 3. Minimum down payment | 3% (eligible first-time buyers, HomeReady), 5% standard one-unit primary residence, 5% for 2-4 units primary residence, 10% second home, 15% one-unit investment purchase, 25% 2-4 unit investment purchase | ||
| 4. Credit score | No fixed minimum for loans approved by Desktop Underwriter (DU) since late 2025; 620 fixed-rate or 640 ARM if manually underwritten (B3-5.1-01); many lenders still require 620 | ||
| 5. Debt-to-income ratio | Up to 50% through DU; 36% manual, up to 45% with the credit score and reserves of the Eligibility Matrix (B3-6-02) | ||
| 6. Income history | Generally two years of history for variable and self-employment income; income must be likely to continue | ||
| 7. Waiting period after credit events | Chapter 7: 4 years (2 with extenuating circumstances); Chapter 13: 2 years from discharge, 4 from dismissal; foreclosure: 7 years (3 with extenuating circumstances); short sale or deed in lieu: 4 years (2) | ||
| 8. Funds to close | Down payment, closing costs and any required reserves documented with two months of statements |
Line 9: what you will pay to borrow
Even when every line passes, the price depends on your file. Fannie Mae and Freddie Mac charge loan-level price adjustments by credit score and loan-to-value ratio, and private mortgage insurance is priced on the same two numbers. Two quick ways to lower your cost, in order of impact for most borrowers: raise your credit score past the next 20-point step (chapter on credit preparation), and reach the next 5% of down payment (chapter on mortgage insurance). Our free guide on loan-level price adjustments explains the grid.
Your summary
| Item | Value |
|---|---|
| Property price | |
| Down payment ($ and %) | |
| Loan amount | |
| Loan-to-value ratio (loan divided by price) | |
| Lines needing a check (numbers) | |
| Chapters to read next |
Frequently asked questions
How do I receive the workbook?
Right after payment you are taken to your workbook page. Bookmark it: the link stays valid and always shows the latest version. To keep a copy, print it or save it as a PDF from your browser (Ctrl+P or Cmd+P, then “Save as PDF”). Stripe emails you the receipt.
What is the difference with the free state guide?
The free PDF guide explains the rules and programs in your state. The workbook is the working copy: worksheets, checklists, templates and comparison tables you fill in for your own loan. You can have both; the free guide stays free.
Is this financial or legal advice? Is Claude Loan a lender?
No. Claude Loan is an information publisher: not a lender, broker, law firm or advisor, with no NMLS license. The workbook quotes the official rules with their section numbers so you can check them; your lender and, if needed, a HUD-approved housing counselor or an attorney give the answers that apply to you.
What if something is wrong or it does not work?
Write to us: if the workbook does not open, does not match its description or contains an error, we fix it, and if we cannot, we refund you. A duplicate payment is always refunded. See the refund policy in the terms of sale.
The other workbook
Shopping & closing workbook
The Mortgage Shopping & Closing Workbook (2026)
Every deadline, document, lender question and closing check from application to keys: TRID calendar, Loan Estimate comparison, tolerance check, wire-fraud list.
$12 10 chapters, instant online access, printable
Free guides on the same topic
- Debt-to-income ratio limits by loan type — and how to lower yours
- Conventional loan requirements in 2026: what Fannie Mae’s guide actually says
- USDA vs VA vs FHA vs conventional: the four loan types compared
- 2026 conforming loan limits: $832,750 in most counties, up to $1,249,125 in high-cost areas
- PMI removal: the 80% request, the 78% automatic cancellation, and the appraisal route
- Seller concessions limits: how much a seller can pay toward your closing costs
- Self-employed and buying: how conventional lenders calculate your income
- How much house can I afford? The math lenders actually use
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