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Conforming Loans in Orange County, CA

Shopping for a home loan within the conforming limits for Orange County? Then you are in the market for a conforming loan. This is one of the most common types of mortgages available in the Greater Los Angeles Area and throughout California.

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What is a Conforming Home Loan?

A conforming home loan is a loan that conforms to guidelines and loan amounts set by Fannie Mae and Freddie Mac. So long as the loan amount you desire does not exceed that cap for Orange County or the county the property you are financing is located in, you are able to apply for a conforming loan.

If you do need a higher loan amount, you can apply for a jumbo loan. The Grand Lending Team of Grand Avenue Realty & Lending can bring you competitive rates on conforming and jumbo mortgages.

Conforming Loan Limits in Orange County

To help you figure out whether you can apply for a conforming loan, here are the Orange County conforming loan limits:

1 unit:

2 unit:

3 unit:

4 unit:

For conforming loan limits in all other California Counties »

Conforming loan limits are lower in many other locations, because housing costs in those areas are also lower. Los Angeles and Orange County are considered “High-Cost” areas and therefore have higher loan limits set by Federal Housing officials.

Qualifying for an Orange County Conforming Loan

As with any other type of mortgage, what you qualify for in terms of interest rates and terms will depend on a variety of factors:

Your credit score

A high credit score represents a low risk profile for a borrower. This means that if your credit score is high, you should be eligible for the most competitive rates and terms.

Your debt-to-income ratio

Conversely, you want a low debt-to-income ratio. This demonstrates to lenders that you can afford to add a mortgage onto your monthly payments. The better this ratio, the better the terms and rates you will be quoted.

Your down payment

Conforming loan down payments may range anywhere from 3-20% or more. The minimum will be based on the factors above, but you might consider paying more in order to increase your bargaining power over terms of the mortgage.

Remember, you can only qualify for a conforming loan if the loan value will not exceed the limits shared above. For those which do, a jumbo loan is the appropriate loan option.

Apply Now for a Conforming Loan in Orange County

Don’t wait to make your dreams of homeownership in OC or Greater Los Angeles come true. Call us now at (949) 202-5332, and we will schedule you for a consultation to discuss your lending needs and goals. We are excited to help you!

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