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 2017, Single Family Homes, Condominiums, and Cooperatives have maximum conforming and high-balance loan limits of $424,100 and $636,150, respectively.  See table below for 2017 two to four unit loan limits:

Unit(s)           Conforming Limit         High-Balance Limit

1                      $424,100                       $636,150

2                      $543,000                       $814,500

3                      $656,350                       $984,525

4                      $815,650                       $1,223,475

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.