Conventional Loans
The Conventional loan limit for 2024 is $766,550.
Looking for a home loan with a higher loan limit but less strict guidelines? Then a Conventional Loan could be exactly what you need. Branching off on it’s own with no government entity, Conventional Loans follow Fannie Mae and Freddie Mac guidelines. Although Conventional Loans typically require a higher down payment, they usually have the quickest qualification process with a loan limit of $766,550. With a choice between fixed or adjustable rates, this loan’s flexibility makes it a great option.
General Guidelines:
- Low down payment
- Primary residence, Investment Property or second home
- 1-4 family owner-occupied condos condo must be approved through Capital Mortgage Funding at CMG Home Loans
- Up to 97% on purchase and rate/term refinance for primary residences. up to 90% LTV on purchase and Rate/Term Refinance for second homes.
- 85% max LTV – Fixed Rate for 1 unit Investment Property, 75% max LTV – Fixed Rate for 2-4 unit Investment Property
- Escrow not required if LTV is 80% or lower
Monthly Mortgage Payments*
*Hypothetical monthly mortgage payments reflect hypothetical Principal & Interest amounts rounded to the nearest dollar amount and do not include insurance, taxes, or other possible fees. These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer.
