A conventional loan is any type of mortgage that is not guaranteed or insured by the federal government. Although it doesn’t have government backing like FHA or VA loans, a conventional loan adheres to the guidelines set by government-sponsored enterprises, Fannie Mae and Freddie Mac. These loans can be classified as either “conforming” or “non-conforming.”

• Conforming loans adhere to the guidelines and loan limits set by Fannie Mae and Freddie Mac. For a one-unit residence, the upper loan limit typically stands at $647,200, though it may vary depending on the county.
• Loans that surpass the conforming limits are commonly known as “jumbo loans.” These provide funding for properties with a higher price tag, allowing for larger loan amounts.

At NEXA Mortgage, we offer a range of conventional loan options including fixed-rate loans, adjustable-rate loans, and interest-only loans to suit your needs in Norfolk, VA.