How can I avoid the conforming loan limits?

To avoid using a jumbo loan to purchase your home under the conforming loan limits, you have two options. You can take out a second mortgage or make a larger down payment .

Is a conforming loan the same thing as a conventional loan?

Although often used interchangeably, conforming and conventional loans are not the same. A conventional loan is defined as one that is not guaranteed by government backing, while a conforming loan is simply a mortgage that conforms to the guidelines set forth by Freddie Mac and Fannie Mae.

Do conforming loan limits change over time?

Yes, FHFA housing officials change the conforming loan limits on an annual basis to reflect the increase in median home value. Conforming loan limits are changed on January 1st of each year and remain the same for that calendar year.

Conforming Loan Limits For 2024