Conventional Loans
Conventional lending is the most popular source for mortgage lending in today’s 1 to 4 unit properties. Conventional lending can be either conforming or non-conforming. If it’s conforming, it will be for an amount under a specified maximum. In most areas, this is $417,000 for a single family home, but the amount is higher in certain areas, like Hawaii or metropolitan cities. When you are purchasing a multi-family property will graduate up to $625,500. Nonconforming mortgages are for higher amounts usually called a jumbo loan.
The biggest difference between a conventional mortgage and other mortgage programs is the required down payment. Government-backed mortgages have low down payment requirements to help home buyers move into a primary residence.
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