Conforming Home Loan (low and high balance)
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Loans meeting FHFA Guidelines
Conforming Loans are loans which meet the qualifying guidelines set by the Federal Housing Finance Agency (FHFA) and are eligible for purchase by one or both government sponsored agencies Fannie Mae and Freddie Mac.
Such loans fall into two categories:
The Conforming, and as a consequence the High Balance Conforming loan limits change every year, based on market conditions.
By way of example, the “baseline” conforming loan limit for a single dwelling in 2023 is $726,000 (up from $647,200 in 2022), while the “upper limit” for High-Cost Conforming loan is $1,089,000 (up from $970,800 in 2022).
These limits are higher for multi-units, going up to four units. Any property with more than four units is considered a commercial property, and as such does not fall under Conventional Loan rules.
Conventional loans can be fixed or adjustable, and may be based on a different index.
For the qualified borrower, there are a variety of products to choose from.
You can contact us, and we will be happy to discuss your particular scenario, and determine what may work best for you!