A conventional mortgage loan, also called a conforming loan, is a traditional loan that follows the guidelines set by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
- Loan Amount: 1 unit $424,100, 2 unit $543,000, 3 unit $656,350, 4 unit $815,650
- Terms: 1 – 30 Years
- Financing (Purchase or Refinance): up to 97% of loan value
- Financing (Cash Out) Option: up to 80% of loan value
- No mortgage insurance options on all conventional programs
- No appraisal required on special conventional programs
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