What is a conventional loan or a conforming loan?
A A conventional loan is one which may be purchased from local lenders by national organizations such as Fannie Mae and Freddie Mac. The conventional loan limits for owner-occupied properties are: One-unit properties: $417,000 Two-unit properties: $533,850 Three-unit properties: $645,300 Four-unit properties: $801,950 Conventional loans must meet these guidelines and others based on credit, employment, and down payment.
