One popular loan product for home purchase throughout the country is a conventional mortgage.
Ascend Mortgage can help you buy a home quickly and easily with a competitive conventional loan.
What is a Conventional Mortgage?
A conventional mortgage is any home loan that does not receive backing from a government agency. They come in two varieties: conforming and non-conforming.
Even though the words “conventional” and “conforming” are not synonymous, it is common for homebuyers to use them to mean the same thing.
If a mortgage is within the Fannie Mae and Freddie Mac conforming loan limits, then it is a conforming conventional mortgage.
If it is not, it is a non-conforming conventional mortgage, or “jumbo” loan. Find out more about jumbo loans.
Conforming Loan Limits in Jacksonville, FL
To figure out whether you can purchase a home using a conforming conventional loan, you need to look up the loan limits for your county.
For an example, here are the conforming loan limits for Duval County, FL, where our Jacksonville offices are located:
These same conforming loan limits apply throughout the state of Michigan.
Wherever you are located in the country, we can help you purchase a home with a conforming mortgage. We work with homebuyers in Michigan and Florida, and can look up the applicable loan limits for your county when you apply.
Qualifying for a Conventional Mortgage in Michigan or Florida
When you apply for a conventional conforming loan, we will look at the following criteria:
- Your credit score
- Your debt-to-income (DTI) ratio
- Your income
- Your employment status and history
- Your down payment ability
All of these criteria will impact your eligibility and rates.
Buy a Home With a Conventional Loan in Michigan or Florida
If you are ready to purchase a home with a conforming mortgage in Michigan and Florida, Ascend Mortgage is here to make the process fast and easy. Please give us a call today at (248) 775-1275 to schedule your consultation.