Conventional Loans

Conventional Loans

Conventional loans that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. All year round, Fannie Mae and Freddie Mac are working for you, establishing limits on what constitutes a conforming loan in a mean home price. Buying back mortgage loans allows these agencies to provide a continuous flow of affordable funding to banks that reinvest money back into additional mortgage loans. Fannie Mae and Freddie Mac exclusively buy loans that are conforming, to repackage into the secondary market and effectively decreasing the demand for non-conforming loans.


San Diego Conventional Loan Limits for 2023:

Number of Units Maximum original principal balance
1 $977,500
2 $1,251,400
3 $1,512,650
4 $1,879,850

Please contact us for the loan limits in your specific County or to learn about our Jumbo loan programs.

Conventional Loan Q & A:

What is the minimum down for Conventional financing?

We have Conventional loan programs available with as little as 3% down for first time homebuyers and 5% down for those who own or have owned a home within the most recent three years.

Do I need perfect credit when applying for a Conventional Loan?

No, we can go down to a 620 Fico score as long as we have an automated underwriting approval.

How long after a Bankruptcy can I purchase with Conventional Financing?

Conventional loans require a 4-year waiting period from BK-7 discharge before applying for Conventional financing however, with documented extenuating circumstances out of one’s control, I’ve
seen as little as a two-year waiting period. If BK-13 with no late payments, the waiting period is 2 years from discharge date and 4 years from dismissal date.

How long is the waiting period after a foreclosure?

After a foreclosure, Conventional financing requires a 7-year waiting period unless extenuating circumstance out of one’s control exist, which then would only require a 3-year waiting period and a
maximum 90% loan to value.

How long after a short sale or deed in lieu of foreclosure can I purchase again?

After a short sale or deed in Lieu of foreclosure, you can purchase again after 4 years or two years if documented extenuating circumstances exist.

Do I have to be a US citizen to purchase with Conventional financing?

The short answer is no, as long as you are in the US legally with a resident alien card, Daca, or one of many acceptable Visas, you are eligible to purchase.

Andre Enriques Mortgage Banker - VA Loan Expert is located in Chula Vista, and works with conforming loans around the county, including San Diego, National City and surrounding areas.


Getting started is easy. We offer very competitive rates, have great service, and always close on time.

Best Mortgage companies in Chula Vista

Best Mortgage companies in Chula Vista


Andre Enriques
License # NMLS 220937
DRE # 01713544

Contact Us

Andre Enriques Mortgage Banker - VA Loan Expert, a dba of Anchor Funding Inc

Chula Vista Office
Phone: (619) 323-2066
Cell (619) 208-6499
891 Kuhn Drive, Suite #204
Chula Vista, CA 91914

San Diego Office
Phone: (619) 208-6499
6336 Greenwich Dr, Suite A
San Diego, CA 92122

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Equal Housing Lender

NOT ALL APPLICANTS QUALIFY. First Priority Home Loans is a DBA of Anchor Funding, Inc. is licensed by The
California Bureau of Real Estate #01276087. FHA Non-supervised lender #00257-0000-5
NMLS #1626581 & #236419
NMLS Consumer Access
Loans made or arranged pursuant to the California Department of Financial Protection and Innovation
California Finance Lenders Law license number 603 L293