California Conforming Loans - know your options

Conforming Loans:

Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Many buyers may not realize that you only need 3-5% down to get a conventional mortgage.

Down payments under 20% come with mortgage insurance (MI), but there are ways to minimize the MI you have to pay.  Also, if you do have MI, the debt-to-income ratio requirement is less making it harder to qualify for conventional loans compared to FHA loans. 

Did you know there is a way to wrap closing costs into a purchase?  CLICK HERE to find out how.

Conforming Loan Limits:

Number of Units Maximum original principal balance Alaska, Guam, Hawaii, and U.S. Virgin Islands only
1 $424,100 $636,150
2 $543,000 $814,500
3 $656,350 $984,525
4 $815,650 $1,223,475

NOTE: The conforming loan limit in Alaska, Hawaii, Guam and the Virgin Islands is 50% higher.


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