Conventional loans are mortgage loans offered by non-government-sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.
What is a Conventional Loan?
While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.
Conforming vs. Non-Conforming Loans
Conventional loans are split into two types: conforming and non-conforming.
Benefits of Conventional Loans
Conventional loans are intended for borrowers with better income and credit scores, and have good rates and flexibility.
Conventional Loan Limits
Different countries have different limits on how much you can borrow for a Conventional Loan. The maximum loan amount in 2023 is $750,000 for 1 unit, $960,300 for 2 units, $1,160,750 for 3 units, and $1,442,600 for 4 units.
Get Pre-Approved for a Conventional Loan
If you are looking to purchase a home in San Antonio, Uvalde, New Braunfels, or anywhere in Texas, contact [company. title] at [company. phone] for more information, or simply fill out the form on this page.
