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.
