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Conventional Loans

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Among the most common types of home loans are conventional loans, which are also called “conforming loans.”

Wherever you are located in the country, a conforming loan can provide you with the competitive financing you need to purchase a beautiful home.

What is a Conventional Loan?

Every year, the conventional loan limits are published by the Federal Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac. These limits determine how much financing you can take out through a conventional mortgage.

If you need to borrow more than the conventional loan limits permit, you are welcome to apply for a jumbo loan instead.

Conventional Loan Limits 2019

The conventional loan limits for 2019 depend on where you live. For most locations in the contiguous United States as well as in the District of Columbia and Puerto Rico, these are the general conforming loan limits:

1 unit:

$484,350

2 units:

$620,200

3 units:

$749,650

4 units:

$931,600

If you live in Alaska, Hawaii, Guam, or the US Virgin Islands, these are the general conforming loan limits:

1 unit:

$726,525

2 units:

$930,300

3 units:

$1,124,475

4 units:

$1,397,400

In high-cost areas, the conventional loan limits are higher:

1 unit:

$726,525

2 units:

$930,300

3 units:

$1,124,475

4 units:

$1,397,400

You can see that the high-cost area conventional loan limits across the country match the general conforming loan limits for Alaska and Hawaii.

To know the exact conforming loan limits in your location, you will need to look up your county (when you contact us for a consultation, we can do this for you).

How Do You Qualify for Competitive Conventional Financing?

To qualify for the most affordable conventional loan, you will need to have an excellent borrower risk profile. These factors will be assessed:

Your credit score.

Your debt-to-income ratio.

Your employment status and history.

You financial history.

What down payment you can afford.

Often times buyers, when they can afford it, decide to put at least 20% down to get the best possible rate and avoid mortgage insurance. But many customers do not realize that it is also possible to get a conventional mortgage with a 3% down payment.

What you qualify for will depend on the factors above.

What Our Clients Are Saying

Facundo Lavino
Facundo Lavino
19:16 26 Oct 21
Nichole and Brian are AMAZING. They were resourceful, patient and made it happen for us. We got a new house thanks to them. Thank you very much
They did an amazing job of getting the rates we wanted and quickly with ease. I highly recommend them if you are buying in CA!
Shaktivan Chamba
Shaktivan Chamba
22:18 15 Oct 21
Brian and Nicole are a pleasure to work with. appreciate the clarity, availability to answer the many questions, capabilities to succuessfully fund, kindness, trustworthiness. thanks
Nauz Karami
Nauz Karami
14:42 13 Oct 21
It was such a pleasure to work with Brian and Nichole on this loan. As a real estate professional I work with so many lenders/ brokers so when it came time to choosing one for my personal deal I definitely had a lot of options. with that said I chose Brian and his team as they were the most responsive, gave me the best rate and we’re so on top of the file. The whole process was super easy and smooth and we didn’t have a single delay! Will definitely be sending all my clients to Grand Lending Team.
Hamed
Hamed
00:35 13 Oct 21
We had a great experience working with Nicole & Brian. They were efficient, professional, thorough, and made us feel comfortable throughout the entire process.

Apply For a Competitive Loan Today

If you are ready to buy a home now with an affordable conventional loan, please give us call today at (800) 293-2133. During your consultation, we will help you figure out the conforming loan limit in your area as well as what you might qualify for. We look forward to matching you with the most suitable conventional mortgage for your needs. We work with customers in all 50 states.

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