A “Conventional Loan" is not part of a specific government program such as FHA, VA, or USDA, etc.  Conventional loans typically cost less and can be more beneficial, but not in all cases, than FHA loans. Conventional Loans have stricter underwriting guidelines so they may be more difficult to obtain.

Conventional Loans for the purchase of a new primary residence can require as little at 3% down as long as it fits within the "Conforming Loan Limit" (see below). 

There are two main categories of conventional loans:

1. Conforming Loans

Conforming loans have maximum loan amounts that are set by the government. Other rules for conforming loans are set by Fannie Mae or Freddie Mac, companies that provide backing for conforming loans.

$766,550 is the Conventional loan limit IN MOST COUNTIES for 2024
  • Most common loan type.
  • Loan amount must be $766,550 or less in most counties and may be as high as $1,149,825 in high-cost counties.
  • If your down payment is less than 20%, you’ll typically need mortgage insurance.

2. Conforming Jumbo 

$766,550.01 TO COUNTY LIMIT
  • Conforming loan for amounts higher than $766,550
  • May only be available in certain counties.
  • Maximum loan amount varies by county.


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Other Options: Non-Conforming loans

    • Non-conforming loans are less standardized. Eligibility, pricing, and features can vary widely by lender, so it’s particularly important to shop around and compare several offers.

      UP TO $1-2 MILLION
      • Jumbo loan for amounts greater than the Conforming Jumbo limit in your county, up to $1-2 million.
      • Rules vary by lender, but you will usually need good credit and a high down payment to qualify.

      Non-conforming (other)

      • Loans of any size that do not fall into another category
      • Some loans in this category are intended for borrowers with poor credit. These loans tend to have high rates and may contain risky features. These can include:          
        • Loans that allow for minimal documentation of your income
        • Loans that allow you to pay only the interest or allow your loan balance to increase
      • Some lenders also offer niche programs for mainstream borrowers with unusual circumstances. These can include:          
        • Loans for properties with non-standard features (such as more than 10 acres of land, properties with agricultural income, or properties that are difficult to appraise)
        • Loans for affluent customers with tricky finances, such as self-employed borrowers, or newly graduated doctors.
      Get A Quote Now OR Apply Now

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