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 2022, Single Family Homes, Condominiums, and Cooperatives have maximum conforming and high-balance loan limits of $647,200 and $970,800, respectively.  See table below for 2022 one to four unit loan limits:

Unit(s)           Conforming Limit         High-Balance Limit

1                      $647,200                       $970,800

2                      $828,700                       $1,243,050

3                      $1,001,650                    $1,502,475

4                      $1,244,850                    $1,867,275

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.