CONVENTIONAL – CONFORMING
- Most common loan type.
- Loan amount of $484,350 or less.
- Loan amount applies only to single-family homes.
- A down payment of less than 20% will typically require mortgage insurance.
CONVENTIONAL – CONFORMING JUMBO
- Loan amount between $484,351 and $726,524.
- Loan amount applies only to single-family homes.
- Rates are slightly higher than a conforming loan.
- Only available in certain high-cost counties.
CONVENTIONAL – NON-CONFORMING JUMBO
- Loan amount over $726,525.
- Rates are slightly higher than a conforming jumbo.
- Loan amount applies only to single-family homes.
- Usually need good credit and a high down payment to qualify.