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Conforming Loan


A conventional loan is a type of mortgage that is not part of a specific government guaranteed loan program. A conventional loan is commonly interchangeable with “conforming loans”, since they are required to conform to Fannie Mae and Freddie Mac’s underwriting requirements and loan limits.

There are two primary categories of conventional mortgages:

    Conforming: A conforming mortgage follows the guidelines put in place by Freddie Mac and Fannie Mae, including loan limits.

    Non-conforming: These mortgages include specialty products that do not fall under the guidelines of Fannie Mae or Freddie Mac and loans more importantly exceed the loan limits imposed by government-sponsored agencies, which are more commonly known as “jumbo loans” or non-conforming loans.

  • 30-year, 25-year, 20-year, 15-year, and 10-year terms available
  • Adjustable rate mortgages allowed
  • Single family and 2-4 units acceptable
  • Second homes and investment properties approved
  • Minimum down payment: 3-5% (determined by property type or occupancy)
  • Grants and gifts permitted from suitable sources, along with 5% of your own funds
  • Stricter credit requirements
  • Up to 4 years post-bankruptcy (2 years on a Chapter 13)
  • 7 years post-foreclosure
  • Seller concessions allowed, based upon the down payment
  • Renovation loans are available
  • Maximum loan amount $453,100
  • Purchase or refinance