Conventional Mortgages

Conventional Mortgages are generally mortgage loans that are purchased by either FHLMC or FNMA.

Most conventional mortgages are fixed; however, adjustable rate mortgage loans (Arms) are available as well.

Conventional loans are further categorized as “Conforming” and “High-Balance or Agency Jumbo”

For 2023, Single Family Homes, Condominiums, and Cooperatives have maximum conforming and high-balance loan limits of $715,000 and $1,073,000, respectively.  See table below for 2023 one to four unit loan limits:

Unit(s)           Conforming Limit         High-Balance Limit

1                      $715,000                       $1,073,000

2                      $916,000                       $1,374,000

3                      $1,107,000                    $1,661,000

4                      $1,376,000                    $2,064,000

Tailor-Made Mortgage Loans

Many lenders offer limited terms on mortgages such as 30, 20, 15 and 10 year terms.

Cardinal Mortgage offers flexible terms from 8 – 30 years on conforming loan amounts, so that we can tailor make the loan that is perfect for your situation.