Conventional loans are mortgage loans offered by Fannie Mae and Freddie Mac government sponsored agencies. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac.
While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options with a minimum of 3% down.
Conventional Conforming Loan Limits:
Maximum loan limits for 2018, based on number of units:
1 – $453,100
2 – $580,150
3 – $701,250
4 – $871,450
For specific county Super Conforming Loan Limits refer to: Loan Limits