High balance conforming loan limits are designated by county and can keep your loan in the conventional category with even high loan limits. This is especially important for borrowers who cannot get a Jumbo loan for one reason or another. For example, Denver County goes up to $493,350 for a 1 unit or $948,750 for a 4 unit.
Program highlights include:
Conventional home mortgage loans have either fixed or adjustable rates. A fixed-rate mortgage means your monthly mortgage payment remains the same for the life of the loan, and typically has a term of 15 or 30 years. A shorter-term loan can often denote a lower interest rate. An adjustable-rate mortgage, or ARM, fluctuates in relation to market index; therefore, monthly payments can increase or decrease over time.
Conventional loans generally have the most rapid qualifying process, as the guidelines are clear and concise. However, every conventional mortgage lender will review and verify a borrower’s credit, income and assets, along with an appraisal of the property.