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Conforming Loan Limits
Today's Rates for Conforming Loans
Conforming loans follow guidelines set by Fannie Mae and Freddie Mac. These loans have established limits that determine what you can borrow. Your rate depends on loan type, term, credit profile, and down payment. Get a rate quote based on your specific situation.
Rates as of
| Loan type | Rate | APR |
|---|---|---|
| 30-Year Fixed Rate Fixed payment for full loan term | 6.500% | 6.625% |
| 15-Year Fixed Rate Shorter term, higher monthly payment | 5.750% | 5.900% |
| 7/1 Adjustable Rate Fixed for seven years, then adjusts annually | 6.250% | 7.125% |
Rates assume 20 percent down, excellent credit, primary residence, and standard documentation. Adjustable rate mortgages reset after initial period. Points and origination fees affect final cost.
These rates are current as of the date displayed and subject to change without notice. Rates vary by loan program, property type, occupancy status, and borrower qualifications. Actual rates available to you depend on your financial profile, credit history, property location, and loan amount. Contact us for a personalized rate quote. All products and services are subject to applicable laws and regulations.
Conforming loans are the standard mortgages most borrowers use. Fannie Mae and Freddie Mac set the limits each year. These limits determine the maximum you can borrow under conforming guidelines.
The conforming loan limit is the threshold between a standard mortgage and a jumbo loan. Properties in high-cost areas may exceed conforming limits. If your loan amount is larger, you may need a jumbo mortgage instead.
Conforming loans typically offer competitive rates because they follow consistent guidelines. Lenders know exactly what to expect. This standardization keeps costs down for borrowers.
Your actual limit depends on several factors. Down payment size matters. Your credit profile matters. Debt-to-income ratio matters. Property type and location matter. We look at all of these to determine what works for your situation.
FHA loans, VA loans, and USDA loans have different limits and rules. These government-backed programs serve specific borrower types. Each has its own structure and requirements.
Contact us to discuss your options. We can review your finances and find the right loan type for your goals.
Questions About Conforming Loans
Conforming loans follow established guidelines. Here are answers to common questions about how they work and whether they fit your needs.
What is a conforming loan?
A conforming loan meets the guidelines set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that purchase mortgages from lenders. These loans follow standard underwriting rules, documentation requirements, and loan limits. Because they are standardized, lenders can sell them on the secondary market, which keeps rates competitive. Most mortgages in the United States are conforming loans.
How do conforming loan limits work?
Fannie Mae and Freddie Mac set maximum loan amounts each year. These limits vary by county and property type. In most areas, the limit applies to single-family homes. In high-cost counties, limits are higher. If your loan exceeds the limit, you need a jumbo mortgage, which follows different rules and may have different rates.
What is the difference between conforming and jumbo loans?
Conforming loans stay within Fannie Mae and Freddie Mac limits. Jumbo loans exceed those limits. Jumbo mortgages are held by lenders or private investors rather than sold to Fannie or Freddie. Jumbo loans may require larger down payments and higher credit scores. Rates on jumbo loans can differ significantly from conforming rates depending on market conditions.
Get in Touch
Our team is ready to answer your questions about conforming loans and help you move forward. Reach us by phone, email, or visit our office.
Get in touch
- Phone (615) 555-0164
- Fax (615) 555-0147
- Email wizard-v3-msop3lo8@example.test
Hours
- Monday to Friday 8:00 AM to 5:00 PM
- Saturday 9:00 AM to 1:00 PM
- Sunday Closed