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The 2024 Conventional Mortgage Guide: Limits, Requirements & Alternatives
What is a Conventional Mortgage?
A conventional mortgage is a private-sector loan that isn’t backed by the government (unlike, say, an FHA or VA loan) and that follows the guidelines set by Fannie Mae and Freddie Mac. To those unfamiliar, Fannie Mae and Freddie Mac are two entities that were created by Congress in order to "provide liquidity, stability and affordability to the mortgage market."
Conventional mortgages are the most common type of loan and account for 60% of all mortgage applications, likely due to the fact that private mortgage insurance (PMI) for a conventional loan is cheaper than for a government-backed loan and that conventional mortgages are available for almost any property type.
There are two types of conventional loans: conforming loans and non-conforming loans. A conforming loan refers to any conventional mortgage that conforms to the financing limits set by the Federal Housing Finance Agency (FHFA). According to a recent news release from the FHFA, the 2020 maximum conforming loan limit for single-family homes is $510,400, however, the limit for high-cost areas is $765,600.
As their name implies, non-conforming loans - also known as jumbo loans - exceed the FHFA’s conventional mortgage financing limits. Non-conforming loans typically have higher interest rates and higher down payments than conforming loans.
What Are the Requirements for a Conventional Mortgage?
As with any type of home loan, there are certain requirements a borrower must meet in order to qualify for a conventional mortgage:
Credit Score: The minimum credit score to qualify for a conventional mortgage ranges from 620 to 640, depending on the lender.
Documentation: Borrowers applying for a conventional mortgage will need to provide documentation detailing their income and assets, amongst other things. This documentation typically includes: - Two years’ worth of employment information
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