Conforming Loans

Conventional (conforming)

• Most common loan type
• Loan limits apply
• If your down payment is less than 20%, you'll typically need mortgage insurance

Conforming Jumbo

• Not Available in Florida
• Loan limits higher than conforming limits
• Only available in certain counties
• Maximum loan amount varies by county

Non-Conforming Loans

Jumbo (non-conforming)

• Jumbo loan for amounts greater than the Conforming Jumbo limit in your county, up to $1-2 million
• Rules vary by lender, but usually need good credit and a high down payment to qualify

Non-conforming (other)

• Loans of any size that do not fall into another category
• Some loans in this category are intended for borrowers with poor credit. These loans tend to have high rates and may contain risky features.
• Some lenders also offer niche programs for mainstream borrowers with unusual circumstances.
• Many of the loans that got people in trouble during the crisis fell in the “non-conforming (other)”