Conventional Mortgage Definition - Find the definition of mortgage loan terms using our
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Conventional Mortgage Definition
A Conventional Mortgage is a non-governmental loan (So the term does not refer to FHA, VA or other Government-Assisted Programs) that falls within Fannie Mae guidelines, and covers loans up to predetermined amount. The current conventional morgage limit is $417,000. Fannie Mae guidelines allow for Fixed Rate and Adjustable Rate loans of many varieties, though it excludes Negative Amortization, Interest-Only, Stated Income, No Income No Asset, and other 'Niche' programs that have become popular in recent years. The term, then, refers to the very standard and traditional loans most people were familiar with prior to the introduction of such Niche lending programs.Mortgage Glossary Includes the Definition For Conventioal Limit
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MORGAGE GLOSSARY
Amortization | Amortization Schedule | Annual Percentage Rate - APR | Biweekly Mortgage | Bridge Loan | Cash Out | Conforming Mortgage | Conventional Morgage | Debt To Income Ratio | Direct Lender | Discount Mortgage Broker | Discount Points | Good Faith Estimate | Grace Period | Impounds | Interest Only | Jumbo Morgage | Loan To Value | LTV | Negative Amortization | No Ratio | Option Arm | Piggyback | PITI | PMI | Prepayment Penalty | Reverse Mortgage | Subprime | Truth in Lending | Wholesale Lender | Yield Spread Premium | YSP