Loan Types
What is the difference between jumbo, conforming, and FHA loan limits?
Context
Loan size determines which set of rules and pricing a lender applies to your file.
The short answer
Conforming loans fall at or under the annual Fannie/Freddie limit; loans above it are jumbo and often have stricter credit, reserve, and down-payment requirements. FHA has its own county limits that sit between the two.
Things to keep in mind
Which bucket you land in affects pricing and guidelines, and limits are set annually, not by us. We do not place jumbo loans.
Next step
Contact us to see whether your loan amount fits the conforming or FHA limit; if it does not, we can refer you to a jumbo lender.
Have a question about your own situation?
Davis Monroe Financial LLC serves Minnesota homebuyers and homeowners. You complete one application. We compare the wholesale lenders on our panel and submit your file to the one that fits it best, and each one offers, so your pricing is not limited to one lender's rate sheet.
Davis Monroe Financial LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.