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What is a conventional loan?

“Conventional” just means that the loan is not part of a specific government program. Conventional loans typically cost less than FHA loans but can be more difficult to get.

There are two main categories of conventional loans:

Conforming loans

Conforming loans have maximum loan amounts that are set by the government. Other rules for conforming loans are set by Fannie Mae or Freddie Mac, companies that provide backing for conforming loans.

Non-Conforming loans

Non-conforming loans are less standardized. Eligibility, pricing, and features can vary widely by lender, so it’s particularly important to shop around and compare several offers.




$726,000 in most counties

Conforming jumbo

 $726,200 to county limit




Up to $1-2 million

Non-conforming (other)

link: conventional
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