A Common Solution
Conventional loans are one of your most common type of loan product and are secured by government-sponsored entities such as Fannie Mae and Freddie Mac. Conventional loans can be used to purchase or refinance homes with first and second mortgages on single-family homes to four-family dwellings.
A Simple Solution
In general, Fannie Mae and Freddie Mac set the national loan limit for this product. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes.
Any amount above those limits pushes you into a jumbo product.
