Conventional Loans

Conventional loans are loans that are secured by government sponsored entities such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes.

There are loan limits for homes under conventional guidelines:

2004 Conventional Loan Limits

First mortgages

* One-family loans: $333,700

* Two-family loans: $427,150

* Three-family loans: $516,300

* Four-family loans: $641,650

* Note: Maximum original loan amounts are 50 percent higher for first mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Second Mortgages

* $150,350 (in Alaska, Hawaii, and the US Virgin Islands: $225,525)

Loans which are larger than the limits set by Fannie Mae and Freddie Mac are called jumbo loans and often require more underwriting and a higher interest rate.

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