For a flexible mortgage that can include a fixed or adjustable interest rate and a low down payment, a conventional loan is a great choice.
American Mortgage Solutions has helped borrowers throughout the states of Florida, Kentucky, Tennessee, Colorado and Indiana to buy homes affordably using conventional mortgages.
What is a Conventional Mortgage?
Any mortgage that is not insured by a government agency like the FHA or VA is a conventional home loan.
If that mortgage is also eligible for purchase by Fannie Mae or Freddie Mac, it is known as a conforming loan.
Homebuyers who are interested in conventional loans typically are inquiring about conforming loans specifically.
In order for Fannie Mae or Freddie Mac to be able to purchase a loan, it has to fit within their conforming loan limits.
Mortgages that fall outside of those limits are called non-conforming or jumbo loans.
Can You Buy a Home With a
Conventional Mortgage in Kentucky
Whether you can purchase a home in Florida or Kentucky using a conventional conforming mortgage depends on how much you are looking to borrow.
Let’s take a look at the conventional conforming loan limits for Louisville, KY, one of the cities where American Mortgage Solutions has offices.
Louisville, Kentucky, is in Jefferson County. The conforming loan limits for Jefferson County, KY are:
We also have offices in Cape Coral. Cape Coral, Florida is located in Lee County. The conventional conforming loan limits for Lee County, FL are:
In fact, the conforming loan limits for all other counties in Florida and Kentucky are identical to those listed above.
You will find that these same loan limits apply across the board in most counties throughout the United States.
The only exceptions are in certain high cost counties, which have higher conforming loan limits.
Qualifying for a Conventional Loan
The rates and terms you qualify for when applying for a conventional conforming mortgage depend on:
- Your credit score.
- Your debt-to-income (DTI) ratio.
- Your income.
- Your employment status.
- Your down payment ability.
Need help improving your financial metrics prior to applying? During your consultation, we can give you some recommendations.
You may also have questions about the down payment. We can help you assess your options there as well.
Apply Now for a Conventional Loan in
Louisville, Cape Coral, or Beyond
If you are ready to buy a home anywhere in KY or FL with a competitive conventional mortgage, we can make your dreams come true.
To begin, please give us a call at (502) 327-9770 in Kentucky or at (239) 766-8344 in Florida. We also work with homebuyers in Indiana, Tennessee, and Colorado.