One of the most popular mortgage products that can suit homebuyers with a wide range of financial scenarios is a conventional home loan.
You can buy a home in KY with a conventional loan with a fixed or adjustable mortgage rate.
What is a Conventional Home Loan?
Conventional mortgages are simply home loans that do not have backing from a government agency. Examples of non-conventional loans include FHA, VA or USDA loans.
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Get Pre-Approved TodayThere are two types of conventional home loans: conforming and non-conforming. Whether a conventional mortgage is classified as one or the other depends on whether it is within the Fannie Mae and Freddie Mac limits for conforming loans.
If you need to borrow more than the conforming loan limits, you are looking for a Jumbo loan.
Homebuyers often confuse conventional and conforming loans. The easiest way to remember it is this: A conforming loan is a type of conventional loan. But not all conventional loans are conforming loans.
What are the Conforming Loan
Limits in Louisville, KY?
You can find the conforming loan limits by looking up the county where you want to purchase a home.
Louisville is located in Jefferson County. Here are the conforming loan limits for Jefferson County:
1 UNIT
$726,200
2 UNITS
$929,850
3 UNITS
$1,123,900
4 UNITS
$1,396,800
These same conforming loan limits apply to all Kentucky counties. In other states, there are some high cost areas with higher loan limits.
How to Qualify for a Kentucky
Conventional Mortgage
First Fidelity Mortgage assesses these factors when you apply for a conventional conforming loan:
- Your credit score.
- Your debt-to-income (DTI) ratio.
- Your income.
- Your down payment ability.
- Your employment status and history.
Apply for a Conventional Mortgage
in Louisville or Beyond
Whether you have questions about conventional mortgages, need help figuring out if a conforming loans is right for you, or you are ready to apply now, we are standing by.
Please give us a call at (502) 657-4299 to schedule your mortgage consultation. We can help you apply for a conventional mortgage in Kentucky, Tennessee, Indiana and Florida.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Get Pre-Approved Today
