Property Requirements for Conventional Home Loans in Cape Coral The 2021 limit for baseline conforming loans is $548,250, an increase of $37,850 from the 2020 limit of $510,400. In areas where median home values exceed this amount, borrowers can get loans up to $822,375 depending on the limits in the county where they reside. However, it’s important to understand the property requirements of these types of loans. Conventional loans apply to a broad range of properties, the most common of which are single family homes. They also apply to: condominiums and townhomes co-op properties manufactured or mobile homes (on some occasions) multi-unit dwellings Planned Unit Developments (detached homes in an HOA) Conventional loans can also help individuals who want to purchase a second home for rental property. In these cases, the down payment and interest rate will usually be higher since it is not the owner’s primary residence. Therefore, it is deemed a higher risk loan by many lenders. If you’re still unsure about which loan is right for you, consider the fact that over 60% of all homebuyers prefer conventional loans while FHA loans are the second most popular. While both types of loans have their merits, your choice of loan will usually be based on which one you can actually qualify for. American Mortgage Solutions 3046 Del Prado Blvd S, Ste 1-B Cape Coral, FL 33904 https://www.google.com/maps?cid=6943648837491618678