Conventional Home Loans
The maximum size of a conventional loan is currently $726,200 for a single family residence. Since conventional loans are not government insured, they do not require any upfront mortgage insurance and do not require monthly mortgage insurance if the down payment is 20% or greater. The minimum down payment for Fannie Mae conventional loans was reduced to 3% giving first time homebuyers a great opportunity for homeownership.
Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announce new loan limits every year.
Find out how you can take advantage of a conventional loan and reduce your monthly mortgage payments. Contact Mid-Island Mortgage today!