If you are looking for a flexible, competitive mortgage in Massachusetts, a lending product that might fit your needs is a conventional loan.
This type of mortgage can have a very low down payment.
What is a Conventional Mortgage?
A conventional loan is any type of mortgage that no government agency insures. Conventional loans include both conforming and non-conforming loans. Conforming mortgages fit within Fannie Mae and Freddie Mac’s conforming loan limits. Non-conforming loans, also called jumbo loans, do not.
If you are in search of a government-insured loan, consider a VA or FHA mortgage.
Conventional Conforming Loan Limits
Most customers who ask about conventional loans are interested in conforming loans.
The conforming loan limits are set by county. So, to figure out whether a conforming conventional loan will be a fit for your borrowing requirements, you need to take a look at your county’s loan limits.
Boston is located in Suffolk County, MA. The conforming loan limits in Suffolk County are:
These are the same as the conforming loan limits throughout Massachusetts and most counties in the US.
If you need to borrow above these limits, you can apply for a jumbo loan.
Are You Eligible for a Conventional
Loan in Massachusetts?
To be eligible to buy a home with a conventional loan in MA, you will need to have a competitive profile as a borrower. We will look at:
- Your credit score
- Your debt-to-income (DTI) ratio
- Your income
- Your assets
- Your financial history
Apply Now for a Conventional Loan in
Boston or Anywhere in MA
Do you qualify for a conventional loan? To find out today, please give us a call at (508) 223-5206 to schedule your consultation. We work with customers throughout the states of Massachusetts, Rhode Island and Connecticut.