Unlike government-backed loan types, such as FHA and VA, conventional loans are offered by banks or other private lenders and may be backed by government-sponsored enterprises such as Fannie Mae or Freddie Mac. There are two types of conventional loans: conforming and non-conforming. Conforming loans follow Fannie Mae or Freddie Mac guidelines, while non-conforming loans, such as jumbo loans, do not. These guidelines are often quite specific, and can involve everything from minimum credit score and limits on loan size, to property type restrictions.
For most counties, conforming loan limits are:
for a single-family home or residence
for a 2-unit home (duplex)
for a 3-unit home (triplex)
for a 4-unit home (fourplex)
For higher-cost real estate markets, like San Francisco and New York City, conforming loan limits are:
Mon-Fri:Monday to Friday 8:00 AM to 8:00 PM ET
Sat:Saturday 9:00 AM to 3:00 PM ET
Private Mortgage Insurance
Private Mortgage Insurance (PMI) is often required if your down payment is less than 20%. This protects your lender in case you miss a monthly payment or default on your mortgage.
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