One of the most popular types of home loans is the conventional conforming loan. This is a flexible mortgage product that can feature affordable down payments and rates for homebuyers with competitive borrower profiles.
What is a Conventional Loan?
A conventional mortgage is simply a loan that is not guaranteed by a government agency. When homebuyers discuss conventional mortgages, they usually are talking about conventional conforming loans. These mortgages conform to the Fannie Mae and Freddie Mac conforming loan limits.
Can You Buy a Home with a Conventional Conforming Loan in Corona?
The conforming loan limits are set for each county, and change year by year. Here are the 2023 conforming loan limits that apply to most counties across the country:
- 1 unit: $726,200
- 2 units: $929,850
- 3 units: $1,123,900
- 4 units: $1,396,800
These are also the conforming loan limits for Riverside County, which is where Corona is located.
Some counties in this area have higher costs of living, so they also have higher conforming loan limits.
Qualifying for a Conventional Mortgage in CA
To qualify for a conventional mortgage, you will need to undergo an assessment that looks at:
- Your credit score
- Your income
- Your debt-to-income (DTI) ratio
- Your ability to make a down payment
- Your employment status and history
Buy a Home with a Conventional Loan Now
When you call us for a consultation, we can help you figure out whether you can buy a home with a conforming loan, or whether you might need to apply for a jumbo loan. We will take the time to answer all of your questions about conventional loans, and walk you through the application process.
Please contact us today at (951) 531-1399 to schedule your mortgage consultation. We work with homebuyers throughout California, Florida, Oregon, Nevada, Colorado and Washington State.
