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Conventional Mortgages
Conventional Mortgages refer to one to four family residential units that are financed within guidelines specified by two federally chartered government organizations, known as Fannie Mae and Freddie Mac. These loans are subject to a ceiling ranging from a maximum of $417,000, for a single family to $801,950, for a four family, purchased or refinanced in the continental United States. These mortgages are available for primary residences, second homes and investment properties, and are offered in a fixed and a wide variety of adjustable rate options. Any mortgage falling within the loan size limits are considered to be a conforming loan. Other eligible property types include townhouses, condos and planned unit developments (PUDs).
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