https://usinvestfinancial.com/
7791 NW 46th Street, Suite 314, Doral, FL 33166
    US Invest Financial - Invest in your Financial Future with US! > Conventional Loans > Conforming Loans > Types of Conventional Loan

Types of Conventional Loan

How To Apply

Types of Conventional Loan

By:

There are two main types of conventional loans: conforming loans and non-conforming loans.

Conforming Loans
Conforming loans refer to any conventional mortgage that adheres to the financing limits set by the Federal Housing Finance Agency (FHFA). This loan type additionally meets the standards to be bought by Fannie Mae and Freddie Mac, including that it must meet the loan limit based on that area. Presently, the maximum loan limit in most U.S. counties is $417,000.

Non-Conforming Loans
Also known as jumbo loans, non-conforming loans are loans that exceed the FHFA’s conventional mortgage financing limits. They generally have higher interest rates and higher down payments than conforming loans.

In addition to conforming and non-conforming loans, there are existing programs such as HomeReady and HomePossible by Fannie Mae and Freddie Mac. There are also many conventional loan options that are specific to each state, so be sure to ask your realtor or mortgage broker about any additional options that exist where you are looking to buy.

Related post

What is a Bank Statement Loan?

in "Bank Statements Loans , Non-Conforming Loans"

What is a jumbo mortgage?

in "Jumbo Loans , Non-Conforming Loans"

Recent Posts

Welcome to US Invest Financial- your premier Doral Mortgage Broker and much more! Securing a residential or commercial loan can be intricate, but with our expert Home Loan Expert and 2517771 NMLS Licensed Brokers, your journey to property ownership or investment is streamlined and supported. Not only do we specialize in delivering the most Reliable Financial Consultant service, but we also pride ourselves as a guiding light in the Commercial Loan Assistance space, ensuring your business ventures are supported by strategic financial advice and solutions. Our team, with its astute Qualified Mortgage Advisors, is here to illuminate your path in the often complex realms of real estate with a strategic Property Investment Guide crafted to your unique circumstances and investment aspirations. Whether seeking Residential Home Loan guidance, exploring Affordable Investment Properties, or necessitating adept Local Mortgage Solutions, we are here to amplify your financial and investment potential in Doral and beyond, propelling you towards secure and prosperous property endeavors. Begin your journey with the most adept and dedicated financial team now – Connect with The US Invest Financial today!

This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms, and conditions subject to change without notice. Certain restrictions may apply. All approvals subject to underwriting guidelines. Not all applicants will quialify. As prohibited by federal law, we do not engage in business practices that discriminate based on race, color, religion, national origin, sex, marital status, or age because all or part of your income may be derived from any public assistance program or because you have, in good faith, exercised any right under the Consumer Credit Protection Act.