For a conforming conventional loan, your loan must fall within the loan limits set by Fannie Mae and Freddie Mac.
The loan limit changes annually. For 2022, the conforming loan limit for a single-family home is $647,200.
There are exceptions, however. Alaska, Hawaii and other high-cost areas of the country have higher loan limits, ranging up to $970,800. You must look up the loan limits for your area.
Maximum loan amounts for conventional mortgages also vary based on the down payment amount, credit score, income, cash available and other eligibility factors.
As compared to the Government mortgage programs (VA loans, FHA loans and USDA loans) which are available to help a wide variety of people get approved for loans, conventional loan approval has somewhat more stringent requirements.
If you are in the process of buying a home, a second home, or investment property and you have a good credit score, and enough money for a down payment here is where you can apply for a conventional loan program Tampa.