Conventional Loans in Indiana

If you are shopping for a home in Indiana or Illinois, one type of mortgage that might suit your needs is a conventional home loan.

These versatile mortgages can feature adjustable or fixed mortgage rates, as well as low down payments with the right qualifications.

What is a Conventional Mortgage?

A conforming conventional loan fits within Fannie Mae and Freddie Mac loan limits.

The words “conventional” and “conforming” thus refer to different things when discussing home loans, but many homebuyers use them both to talk about conforming loans.

A conventional mortgage that does not fit the conforming loan limits is a non-conforming or Jumbo loan.

Conventional Loan Limits in Merrillville

The limits for conforming conventional loans are set according to each county.

Merrillville, where we are headquartered, is in Lake County, IN. The conventional loan limits for Lake County are as follows:

These conventional loan limits are ubiquitous throughout Indiana and Illinois, as well as most other counties nationwide.

The only counties with higher loan limits are certain counties with higher housing costs.

Do You Qualify for a Conventional Mortgage in IN?

If you want to buy a home with a conventional conforming mortgage, you need to borrow no more than the conforming loan limits. Need to borrow more? Ask us about jumbo mortgages.

When you apply for a conventional conforming loan, we will look at:

• Your credit score.
• Your debt-to-income (DTI) ratio.
• Your income.
• Your employment history for the past two years.
• Your ability to make a down payment.

These factors will impact the rates you qualify for, as will the time when you submit your application.

The size of your down payment may also depend in part upon your credit score, but also on what you can afford.

Apply for a Conventional Loan in IL or IN Now

You are just steps away from moving into a beautiful new home in Merrillville or anywhere in Indiana or Illinois. To apply for a conventional mortgage now, please give us a call today at (219) 756-5626 to schedule your consultation.