{"id":38,"date":"2015-03-28T07:06:23","date_gmt":"2015-03-28T07:06:23","guid":{"rendered":"http:\/\/www.oakhillmortgagellc.com\/?page_id=38"},"modified":"2023-01-31T15:46:08","modified_gmt":"2023-01-31T19:46:08","slug":"conventional-conforming","status":"publish","type":"page","link":"https:\/\/www.oakhillmortgagellc.com\/?page_id=38","title":{"rendered":"Conventional Conforming Loans"},"content":{"rendered":"<p class=\"subhead\">What is a Conventional Conforming Loan?<\/p>\n<p class=\"bodyCopy\">Conventional loans are either termed &#8220;conforming&#8221; or &#8220;non-conforming.&#8221; A conforming loan follows (i.e., conforms to) guidelines set by the government sponsored enterprises (GSE&#8217;s), Fannie Mae or Freddie Mac. Underwriting guidelines can be slightly different between Fannie Mae and Freddie Mac, but they are largely the same.\u00a0 Non-conforming loans follow other underwriting guidelines that are determined by large banks and other investors that ultimately fund those loans. Jumbo loans are an example of non-conforming loans<\/p>\n<p class=\"bodyCopy\">Conforming loans represent the majority of all loans provided to homeowners.\u00a0 Loan limits are based on location, with urban and metro areas having higher amounts.\u00a0 They are grouped as follows (beginning Jan 1, 2023):<\/p>\n<ul>\n<li class=\"bodyCopy\"><strong>National Conforming Limit:<\/strong> up to $726,200<\/li>\n<li class=\"bodyCopy\"><strong>&#8220;High balance&#8221; or &#8220;Super Conforming&#8221; Limit:<\/strong> up to $1,089,300 (for &#8220;high cost&#8221; areas, such as the DC metro area).<\/li>\n<\/ul>\n<p class=\"bodyCopy\">Oak Hill Mortgage, LLC has access to various conforming loan programs, with down payments as low as\u00a0 3%.\u00a0 <span style=\"text-decoration: underline;\">To avoid paying mortgage insurance<\/span> for a conventional mortgage loan, you will need to choose <strong>one<\/strong> of 3 options:<\/p>\n<ul>\n<li class=\"bodyCopy\">Provide a minimum 20% down payment (based on the lower of sales price or appraised value)<\/li>\n<li class=\"bodyCopy\">Request Lender Paid Mortgage Insurance (LPMI), which will raise your interest rate<\/li>\n<li class=\"bodyCopy\">Get a 2nd Mortgage to accompany your 1st Mortgage<\/li>\n<\/ul>\n<p class=\"bodyCopy\">Whether you&#8217;re buying a home or want to refinance your mortgage, a conventional loan might be right for you.\u00a0 Contact Oak Hill Mortgage, LLC today, and we can help you determine the best loan for you.<\/p>\n<p class=\"bodyCopy\">Call <strong>(703) 861-5369.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is a Conventional Conforming Loan? Conventional loans are either termed &#8220;conforming&#8221; or &#8220;non-conforming.&#8221; A conforming loan follows (i.e., conforms to) guidelines set by the government sponsored enterprises (GSE&#8217;s), Fannie Mae or Freddie Mac. Underwriting guidelines can be slightly different between Fannie Mae and Freddie Mac, but they are largely the same.\u00a0 Non-conforming loans follow [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":30,"menu_order":2,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-38","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Conventional Conforming Loans - Oak Hill Mortgage, LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oakhillmortgagellc.com\/?page_id=38\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Conventional Conforming Loans - Oak Hill Mortgage, LLC\" \/>\n<meta property=\"og:description\" content=\"What is a Conventional Conforming Loan? Conventional loans are either termed &#8220;conforming&#8221; or &#8220;non-conforming.&#8221; A conforming loan follows (i.e., conforms to) guidelines set by the government sponsored enterprises (GSE&#8217;s), Fannie Mae or Freddie Mac. 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