The term conventional loans is commonly used for any loan that is underwritten to standards set by FNMA (often called Fannie Mae) or FRMC (often called Freddie Mac). The conventional loan limit hasn’t changed since 2006 and is currently at 417,000 for all states in the US.
Conventional Loan Information
Conventional loans can be fixed rate mortgages, adjustable rate mortgages, balloon mortgages, or hybrid loans. Almost any type of mortgage that you can get if it isn’t backed by the FHA or VA or USDA and is below the conventional loan limit, is considered a conventional loan.
Conventional Loans After Foreclosure:
Getting a conventional loan after a foreclosure is one of the common ways that people will finance the home they choose to buy after foreclosure. The waiting period for buying a home with a conventional loan after foreclosure is 3 years.
Conventional Loans After a Short Sale
Conventional loans after a short sale are a common choice at financing a home after having a short sale in the past. Getting a conventional loan after a short sale requires a waiting period of at least 2 years for most lenders.
Conventional Loan After Deed-in-Lieu
Most lenders treat the waiting period for a deed-in-lieu the same as a Foreclosure which means that the waiting period is 3 years.
Conventional Loans: Find The Right Lender
Working with the right lender after a financial event can make all the difference between getting approved and getting denied. Lenders will all have slightly different approval requirements when it comes to waiting periods, qualifications and explanations. Because each lender has slightly different approaches and some lenders even have “private” loan programs for people who have had a foreclosure or short sale, the easiest way to get approved for a conventional loan is to submit your information below.
When you submit your information, we work hard to match you up with a lender who specializes in helping people in your situation and who can be there to give you answers and help you get approved. Submitting your information is easy – it takes like 2 minutes and it is also free.
Get started on the road to getting approved: submit your information and work with the right lender to get qualified today!