Conventional Loans

Conventional loans are sometimes referred to as conforming.  Most real estate loans are not backed by an agency of the federfal government, and have a first lien position.  Conventional loans are conforming loans that limit loan amounts of single family residences to the current limit of $510,400 as of 2020.  The loan limits will vary due to the county you are in, therefore, contact us to find out what the loan limits are for your county.  

In Orange County, CA, it is considered as a high cost area and therefore has different high balance conventional loan limits.  They are as follows:

Single Family Homes – $765,600

Two-Unit Properties- $980,325

Three-Unit Properties –  $1,184,925

Four-Unit Properties – $1,472,550

To determine how much you qualify for, lenders will likely require the following documents:

Most recent 30 days paystubs

Most recent 2 years of W2’s

Most recent 2 months of bank statements

Most recent 2 years of Federal Tax returns

Proof of homeowners insurance

1099 Forms if you receive commission or are self employed

Documented other income or stock earnings/dividends

Pension statements

Social security or disability award letters

Stocks and bonds statements

Gift letter if downpayment is coming from gift funds

Fully executed purchase agreement (if purchase loan)

Other documents specific to your situation may be needed

Our fast, easy mortgage process can help you move into your new home faster and smoother.  Call us today today to speak to one of our hightly experienced team members.