“Conforming” loan limits

“Conforming” loan limits:

  • $417,000 – 1 unit (5% down payment minimum)
  • $533,850 – 2 unit (5-10%% down payment minimum)
  • $645,300 – 3 unit (20% down payment minimum)
  • $801,950 – 4 unit (20% down payment minimum)

Conventional “Jumbo Conforming” loan limits (these are for “high cost” areas only):

  • $417,001 to $729,750 – 1 unit (10% down payment minimum)
  • $533,851 to $934,200 – 2 unit (10% down payment minimum)
  • $645,301 to $1,129,250 – 3 unit (20% down payment minimum)
  • $801,951 to $1,403,400 – 4 unit (20% down payment minimum)

“Jumbo” loan limits:

Any loan amount above the limits noted above in the Conventional “Jumbo Conforming” loan limits is considered a Jumbo loan. (20%-25% down payment minimum)

ADDITIONAL DOWN PAYMENTS NOTES:

  • 3.5% down (this is the minimum down payment for an FHA loan)
  • 5% down (usually only on a single family or a condo, must be a Conforming, owner occupied loan).
  • 10% down (needed on a Jumbo Conforming, owner occupied loan or on a 2 unit owner occupied property)
  • 20% down (needed on 3 and 4 unit owner occupied property; is also the minimum needed for an investment property)