3 FAQ’s regarding Conventional Loans in Cape Coral If you’re comparison shopping for the most cost-effective home mortgage, you’re probably looking at conventional loans. But before you commit to a particular lender, it’s crucial to educate yourself about this type of loan. The following 3 FAQ’s will provide some basic information about conventional loans: Are there conventional loans available for fixer-uppers or home renovations? There are several programs that are designed for borrowers who want to finance the purchase of an “as-is” home and the costs involved in renovating it. For instance, there are Fannie Mae and Freddie Mac rehab loans or a home equity line of credit or HELOC. What credit score is require in order to qualify for a conventional loan? In most cases you’ll need a minimum credit score of 620. Your lender will examine your credit history when you apply. So if you don’t have good credit, you might not get approved. What is the maximum amount a person can borrow for a conventional loan? Conventional loan limits are normally set by the number of property units and their location. The maximum loan amount in most US counties is: • $726,000 for one unit • $929,850 for two units • $1,123,900 for three units • $1,396,800 for four units https://www.google.com/maps?cid=6943648837491618678