Fixed or Adjustable Rate USDA Conventional FHA VA Jumbo First Time Homebuyer Mortgage Insurance Advantage Lending


The term "Conventional" means that the loan is not part of a government program. These loans typically cost less than a comparable government program, but have stricter guidelines making them more difficult to qualify for.

There are two main types of conventional loans:

Conforming loans have maximum loan amounts that are set by the government. Other rules are also set by Fannie Mae and Freddie Mac.

Non-conforming loans are less standardized. Eligibility, pricing, and features can vary widely.

Conventional Conforming

  • $453,100 or less

  • Most common loan type
  • Loan amount must be $453,100 or less, unless you’re buying a home with multiple units
  • If your down payment is less than 20%, you’ll typically need mortgage insurance

Conforming Jumbo

  • $453,100 to county limit

  • Conforming loan for amounts higher than $453,100
  • Only available in certain counties
  • Maximum loan amount varies by county

Jumbo (Non-Conforming)

  • Up to $1-2 million

  • Jumbo loan for amounts greater than the Conforming Jumbo limit in your county, up to $1-2 million
  • Usually need good credit and a high down payment to qualify

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