Conventional Loan

Lending limits and guidelines for Conventional Loans. Conventional Loans are purchased from the Mortgage Companies by FNMA (Fannie Mae) & FHLMC Freddie Mac).

Down Payment Minimums

Minimum down payment for an owner-occupied residence (first time home buyer) 3%
Minimum down payment for an owner-occupied residence (NON-first time home buyer) 5%
10% for second home.
15% for investment home.

PMI (Private Mortgage Insurance) Requirements

Required on any home where down payment is less than 20% with options to avoid a monthly premiums with less than 20% down

Seller Contribution Limits

3% maximum on LTV (loan to value) of 90.01% or more
6% maximum on LTV (loan to value) of 90% or less
May add usual and customary on top

Qualifying Ratios

Qualifying front-end housing ratios and back-end debt-to-income ratios are dependent on loan program guidelines and credit scores.

Income Limits

Please contact us to obtain the correct income limits that apply to your specific situation

Maximum Loan Amounts (per county)