Conventional Unlimited Mortgage Lending

When you hear talk about bank rates they are generally talking about “conventional Loans”. Loan and Mortgage for simplicity will be considered interchangeable (same thing). Presently, the maximum conforming conventional loan amount for 2021 is $548,250. The loan limit does change annually. There are various types of loans that fall in this category with emphasis to an element(s) that must be considered for your approval. An example would be your income compared to the “Medium Income” for a particular demographic area. The minimum deposit required on the respective mortgage is 3% (of the purchase). Minimum credit score is 620 (being the middle of 3 scores. Mortgage Insurance is included in your payments until you reach 80% loan to value. These loans can be used to purchase a primary home, vacation home, investment properties, houses, townhouses, villas, and condos.

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