One flexible mortgage product you can use to buy a home is a conventional conforming loan.
With this type of home loan, it is possible to move into your new home with a low down payment.
What is a Conventional Mortgage?
Any loan that does not feature backing from a government agency qualifies as a conventional home loan.
It is common for borrowers to confuse conventional loans with conforming loans and or think they are one and the same.
Conforming loans are simply those that fit within the conforming loan limits for Fannie Mae and Freddie Mac.
Non-conforming loans also fall under the umbrella of conventional loans.
On this page, we will focus on conforming conventional loans. If you want to learn more about non-conforming loans, see our Jumbo mortgage page.
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Conforming Loan Limits in Michigan
To find out whether you can buy a home using a conventional conforming loan, you need to look up the loan limits for your county.
Consider Oakland County, for example, where our offices are located. The conforming loan limits are:
If you want to borrow within those amounts, you might be able to purchase a home with a conventional loan in that county.
Most counties in Michigan and throughout the United States have those same conforming loan limits.
However, if you want to buy a home in a high cost county, it might have higher loan limits as well.
Are You Eligible for a Conventional Conforming Loan?
When you apply for a conventional home loan with MMS, we will assess these qualification criteria:
- Your credit score
- Your debt-to-income (DTI) ratio
- Your income
- Your down payment ability
- Your employment status
- Your employment history
We can offer you recommendations to help you increase your credit score before submitting your loan application.
Our team are experts in advising down payment assistance options to meet your needs.
Apply Now for a Conventional Conforming Loan
MMS is also licensed in Alabama, Colorado, Connecticut, Florida, Indiana, Iowa, Kentucky, Louisiana, Massachusetts, Michigan, New Hampshire, North Carolina, Ohio, Pennsylvania, Rhode Island and Tennessee. We can help you apply for a conventional conforming loan in any of those states.
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