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Conventional loans

Conventional loans are loans that are secured by government sponsored entities (in today's climate they are now government run entities) also know as GSE's such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes.

Fannie Mae and Freddie Mac's single family, first mortgage loan limit is $417,000 in 2008. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes. The current loan limit applies to all conventional mortgages delivered after January 1, 2008.

2008 Conventional Loan Limits

First mortgages primary mortgage/lien on a residential home

Number of UnitsMaximum Original
Principal Balance
Alaska, Guam, Hawaii,
and U.S. Virgin Islands Only
1$417,000$625,500
2$533,850$800,775
3$645,300$967,950
4$801,950$1,202,925

Second Mortgages secondary mortgage/lien on a home also know as home equity loan

Number of UnitsMaximum Original
Principal Balance
Alaska, Guam, Hawaii,
and U.S. Virgin Islands Only
1$208,500$312,750
2$266,925$400,387
3$322,650$483,975
4$400,975$601,462