Conventional Loans

Conventional loans are the most popular type of mortgage loans offered by non-government sponsored lenders. A conventional mortgage adheres and conforms to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed rate or adjustable rate.  This differs from FHA and VA loans which are insured by the federal government which often borrowers have to pay a funding fee.

While many think that a 20% down payment is required for all conventional loans, many lenders now offer lower down payment options.  New programs now allow home buyers to put as little as 3% down of the purchase price.

Loan limit: This is the maximum borrowing amount within a certain mortgage loan category. For instance, the maximum amount for a conforming single-family home loan in San Diego County is $649,750. There are caps for other products as well, including FHA and VA mortgage programs. They also vary by county and are based on median home prices.

Eligibility for Conventional loans

Must have at least a 620 middle credit score

All borrowers must verify their income

Conventional loans available for primary residence, 2nd Homes and Investment properties

Conventional loans available up to 4 units

Conventional Loan Limits

Every county has a set loan limit based on median home prices.

San Diego County Limits:

1 Unit $649,750

2 Unit $831,800

3 Units $1,005,450

4 Units $1,249,550


Orange and Los Angeles County Limits:

1 Unit $679,650

2 Unit $870,225

3 Units $1,051,875

4 Units $1,307,175


Riverside County Limits:

1 Unit $453,100

2 Unit $580,150

3 Units $701,250

4 Units $871,450

Don’t see your county?  We will let you know.  Call 858-337-6968

Apply today

Parkview Investment & Loan is proud to offer the nations top lenders and programs to our consumers.  If you need to  lower your interest rate or buy your next investment property we have the answers to your questions.  Call Parkview Investment & Loan today at 858-337-6968 or fill out the quick quote on the right to speak to a licensed professional.