Conventional Home Loans

What is a Conventional Loan?

By far the most popular type of home loan, conventional home loans are loans that are not insured or guaranteed by any government program like the VA, USDA, or FHA. Conventional loans can be deemed as either conforming and nonconforming.

What is the Difference Between Conforming and Nonconforming Loans?

In a nutshell, conforming loans meet, or "conform" to, guidelines and loan size limits set by the Federal Government, while nonconforming loans do not.

Conforming loan limits are set each year by the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, the two main financial corporations that purchase mortgages from lenders. Conforming loan limits have a set baseline amount, however they may be higher depending on the county you live in and whether it has been designated as a "higher-cost" area. You can view the conforming loan limits for all counties in the US using the map here.

An example of a nonconforming loan is a jumbo loan. Jumbo loans (also called jumbo mortgages) are loans written for an amount that exceeds the conforming loan limits.


What are the 2020 Conventional Conforming Loan Limits for Doña Ana County?

At the end of 2019, the baseline loan limit for Doña Ana County for 2020 was raised to $510,400 for a single-family home.


What Are the Benefits of a Conventional Loan?

Conventional Home Loans offer a variety of benefits to borrowers, including:

  • Competitive interest rates and lower fees
  • Down payments as low as 3%
  • Borrow up to 97% of home’s value
  • Available for primary residences, second homes and rental properties


How Do I Find Out If I Qualify?

Mann Mortgage is a trusted & proven national lender headquartered in Montana, and we've been helping families with home purchases and refinances for over 30 years. Please reach out to learn more about conventional loans and whether this is the right option for you. We can answer any other questions you have about purchasing or refinancing a home in Las Cruces and will help you find a program that best meets your needs.

Call the Mann Mortgage Las Cruces office or email us. You can also apply online in less than 10 minutes using the secure online application below. We look forward to hearing from you!

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