A conventional mortgage conforms to:
The Federal Housing Finance Agency now sets the loan limits and created higher loan limits for areas of the country designated as “high-cost areas.” You have high-cost areas in all regions of the country except the Midwest.
Income Qualifications: Conforming loan programs require comprehensive income qualifications.
A conventional loan option is a home purchase option that is not insured by a government entity and is referred to as a non-GSE loan. A non-government sponsored entity.