You can buy a home with an adjustable or fixed mortgage rate and a term of your choice with a conventional loan.
Depending on your borrower credentials, your down payment for this type of loan could be low.
What is a Conventional Mortgage?
Technically, a conventional home loan is any type of mortgage that is not backed by a government agency such as the FHA or VA.
But homebuyers talking about conventional mortgages typically are referring to one specific type called “conforming loans.”
For a conventional loan to be a conforming loan, it needs to fit within the Fannie Mae and Freddie Mac conforming loan limits.
If a mortgage is larger than those limits, it is a non-conforming loan. Another name for a non-conforming mortgage is a jumbo loan.
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Today's Mortgage RatesWhat are the Conforming Loan Limits in Raleigh, NC?
To find out whether you need a conforming or non-conforming mortgage, you need to consult the conforming loan limits.
Below are the conforming loan limits that apply in every county in North Carolina, including Wake County.
1 UNIT
$647,200
2 UNITS
$828,700
3 UNITS
$1,001,650
4 UNITS
$1,244,850
If you are borrowing within those amounts, you do not need a jumbo loan. You can purchase a home with a conventional conforming loan.
Note that in some higher cost counties throughout the country, the conventional conforming loan limits are higher as well.
This is the case in certain counties in Virginia, Tennessee and Florida, for example.
Are you not sure whether you are buying a home in a county with higher conforming loan limits? We can help you find out during your consult.
North Carolina Conventional Loan Qualifications
The Martini Mortgage Group considers the following when assessing your application for a conforming mortgage:
- Your credit score
- Your debt-to-income (DTI) ratio
- Your income
- Your ability to make a down payment
- The status and history of your employment
These factors impact both your overall qualification and the interest rates and down payment amounts you are eligible for.
Apply Now for a Conventional Mortgage in Raleigh or Beyond
Are you ready to buy a home in North Carolina, Florida, South Carolina, Georgia, Illinois, Tennessee or Virginia with a conforming mortgage? Please give the Martini Mortgage Group a call at (919) 238-4934 to schedule your consultation.
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Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
