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What are Conventional Loans and Conforming Loans?
By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Pennsylvania conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Pennsylvania conventional loan limits are the same thing asPennsylvania conforming loan limits.
Pennsylvania ConventionalLoanLimits
What is the maximum amount that I can borrow?
Conventional loan limits in Pennsylvaniaare determinedby:
Maximum LTV Ratio: The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower.Learn how to calculate loan-to-value.- Maximum Loan Amount: Conventionalloan limits in Pennsylvania are set at the floor amount of $424,100 across the entire state. Metro areas in PAwith a conforming limit of $424,100 include Philadelphia, Allentown, Pittsburg, Erie, Reading, Johnstown and Harrisburg.
Maximum LTV Ratio: The maximum financing Search allConventionalLoan Limits in Pennsylvania:
County Name | Area | 1-Unit | 2-Unit | 3-Unit | 4-Unit |
|---|---|---|---|---|---|
| ADAMS | GETTYSBURG, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| ALLEGHENY | PITTSBURGH, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| ARMSTRONG | PITTSBURGH, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| BEAVER | PITTSBURGH, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| BEDFORD | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| BERKS | READING, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| BLAIR | ALTOONA, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| BRADFORD | SAYRE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| BUCKS | PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | $510,400 | $653,550 | $789,950 | $981,700 |
| BUTLER | PITTSBURGH, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| CAMBRIA | JOHNSTOWN, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| CAMERON | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| CARBON | ALLENTOWN-BETHLEHEM-EASTON, PA-NJ | $510,400 | $653,550 | $789,950 | $981,700 |
| CENTRE | STATE COLLEGE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| CHESTER | PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | $510,400 | $653,550 | $789,950 | $981,700 |
| CLARION | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| CLEARFIELD | DUBOIS, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| CLINTON | LOCK HAVEN, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| COLUMBIA | BLOOMSBURG-BERWICK, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| CRAWFORD | MEADVILLE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| CUMBERLAND | HARRISBURG-CARLISLE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| DAUPHIN | HARRISBURG-CARLISLE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| DELAWARE | PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | $510,400 | $653,550 | $789,950 | $981,700 |
| ELK | ST. MARYS, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| ERIE | ERIE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| FAYETTE | PITTSBURGH, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| FOREST | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| FRANKLIN | CHAMBERSBURG-WAYNESBORO, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| FULTON | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| GREENE | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| HUNTINGDON | HUNTINGDON, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| INDIANA | INDIANA, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| JEFFERSON | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| JUNIATA | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| LACKAWANNA | SCRANTON--WILKES-BARRE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| LANCASTER | LANCASTER, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| LAWRENCE | NEW CASTLE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| LEBANON | LEBANON, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| LEHIGH | ALLENTOWN-BETHLEHEM-EASTON, PA-NJ | $510,400 | $653,550 | $789,950 | $981,700 |
| LUZERNE | SCRANTON--WILKES-BARRE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| LYCOMING | WILLIAMSPORT, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| MCKEAN | BRADFORD, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| MERCER | YOUNGSTOWN-WARREN-BOARDMAN, OH-PA | $510,400 | $653,550 | $789,950 | $981,700 |
| MIFFLIN | LEWISTOWN, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| MONROE | EAST STROUDSBURG, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| MONTGOMERY | PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | $510,400 | $653,550 | $789,950 | $981,700 |
| MONTOUR | BLOOMSBURG-BERWICK, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| NORTHAMPTON | ALLENTOWN-BETHLEHEM-EASTON, PA-NJ | $510,400 | $653,550 | $789,950 | $981,700 |
| NORTHUMBERLAND | SUNBURY, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| PERRY | HARRISBURG-CARLISLE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| PHILADELPHIA | PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | $510,400 | $653,550 | $789,950 | $981,700 |
| PIKE | NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA | $765,600 | $980,325 | $1,184,925 | $1,472,550 |
| POTTER | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| SCHUYLKILL | POTTSVILLE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| SNYDER | SELINSGROVE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| SOMERSET | SOMERSET, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| SULLIVAN | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| SUSQUEHANNA | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| TIOGA | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| UNION | LEWISBURG, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| VENANGO | OIL CITY, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| WARREN | WARREN, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| WASHINGTON | PITTSBURGH, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| WAYNE | NON-METRO | $510,400 | $653,550 | $789,950 | $981,700 |
| WESTMORELAND | PITTSBURGH, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| WYOMING | SCRANTON--WILKES-BARRE, PA | $510,400 | $653,550 | $789,950 | $981,700 |
| YORK | YORK-HANOVER, PA | $510,400 | $653,550 | $789,950 | $981,700 |
Pennsylvania conforming limits can change anytime. Check back often to ensure accuracy.
What factors determine if i’m eligible for a Conventional Loan in Pennsylvania?
Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Pennsylvania, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.
How much money will I need for the down payment and closing costs?
Conventional home loansrequire the home buyer to invest between 3% and 20% of the sales price towardsthe down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicantmust invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.
Minimum Pennsylvania Conventional Loan Down Payment:
| Residence Usage | Fixed-Rate Mortgage (FRM) | Adjustable-Rate Mortgage (ARM) |
|---|---|---|
| 1 Unit Primary | 3% Down Payment | 10% Down Payment |
| 2 Units Primary | 15% Down Payment | 25% Down Payment |
| 3 Units Primary | 25% Down Payment | 35% Down Payment |
| 4 Units Primary | 25% Down Payment | 35% Down Payment |
| 1 Unit Second Home | 10% Down Payment | 20% Down Payment |
| 1 Unit Investment | 15% Down Payment | 25% Down Payment |
| 2 Units Investment | 25% Down Payment | 35% Down Payment |
| 3 Units Investment | 25% Down Payment | 35% Down Payment |
| 4 Units Investment | 25% Down Payment | 35% Down Payment |
What property types are allowed for Conventional Conforming Mortgages?
Conventional mortgage guidelines allow you to purchasewarrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.
Learn more about conventional mortgages.
What types of mortgage and refinance programs do Conventional Loans offer in Pennsylvania?
There are several varietiesofstandard home purchase, first-time home buyer andconventional refinance loans available in Pennsylvania:
- Conventional Purchase Loans – Conventional loansoffer a variety of programsfor applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however20% down is the minimum amount required to avoidprivate mortgage insurance.
- Conventional Rate/Term Refinance:Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgageor ARM loanand wish to refinance into a conventional mortgage with a lower interest rate. If you’re ahomeownersconsidering astable, conventional fixed-rate mortgage, this program may alsoeliminate yourmortgage insuranceif you have at 20% equity in your home. If not,Conventional 97% loan programs may also work for you.
- Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.
What factors determine if I am eligible for a Conventional Refinance Loan?
To meet conventionalrefinance mortgagerequirements in Pennsylvania, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. In addition, your credit background will be considered. Finally, youmust be able to cover closing costs and have enough income to pay your monthly debt.
Conventional Loan Requirements
More Pennsylvania Mortgage Limits
- FHA Loan Limits in Pennsylvania
- Pennsylvania Conforming Loan Limits
- VA Loan Limits in Pennsylvania
- USDA Loan Limits in Pennsylvania
- USDA Loan Income Limits in Pennsylvania
You may also want to visitthese additional homeloanresources before deciding on a mortgage program:
- Nationwide ConformingLoan Limits
- CalculateYourConformingLoanPayment
- Check Current Conforming Loan Rates
- Conforming Loan Requirements
- FHA Loan Requirements
- Conventional Loan Programs
- Home Loan Comparison
- Mortgage Questions
- Calculate Debt-to-Income Ratio
- FHA Loan Limits
- USDA Loan Limits
- VA Loan Limits
- Conventional Loan Down Payment
- Down Payment Assistance Programs
- PMI Insurance – What is PMI?
Stay in the know!
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