Conventional Lending
A conventional loan is the most common type of mortgage.
Basically a conventional mortgage is a non-government loan.
Conventional loans are broken down into two categories:
Conforming loans – Loans up to $729,750«
Nonconforming or Jumbo loans – Loans over $729,750 Jumbo loans usually have
interest rates about 3/8 to 3/4% higher than conforming loans.
Most rates quoted in the newspapers are conforming loan rates and should
only be used as a guide.
Conventional loans can be fixed, adjustable or combination loans which are fixed
for a period of years (3,5,7 or 10)and then change.
The important thing is to find out which is best for you.
Contact us and let us help direct you.
«
Congress has only approved the conforming loan amount of $729,750 until the end
of the year. There are no rumors as
to what will happen in 2009.
If you want to find out the amount for which you qualify or for current interest
rates go to
“Do I Qualify”.
