Traditional loans that are not loans insured or guaranteed by government agencies (FHA, VA, RHS) are referred to as conventional loans. The most common type of Conventional Loan is a fixed rate mortgage loan, but there are also Conventional ARM loans.

Conventional loans are said to be "conforming" if they adhere to the guidelines set by Fannie Mae and Freddie Mac, and are said to be "non-conforming" or "jumbo" if they exceed these limits. Here at Shore Mortgage we only offer conforming loans.


Information about appraisal requirements:

• Appraisals are a requirement of most loan products. An appraisal warrants the value of your home or purchase price on the subject property. Typically costs for an appraisal range from $450.00-$500.00 depending on loan program. Costs may also vary by location.
• Conventional loans have more strict qualification guidelines and are ideal for borrowers who have excellent credit.
• Interest rates for conventional loans tend to be lower than interest rates for government loans (FHA, VA, RHS).
• Down-payment requirements are generally between 5% and 20%.
• Loans with a lower down payment will generally require private mortgage insurance (PMI).
• Conventional loan limits are $417,000 for a one-family home, $533,850 for a two-family home, $645,300 for a three-family home, and $801,950 for a four-family home.

• Call 855-SHORE-55 to see which loan is right for you.
• Find a licensed loan officer in your state by browsing our Loan Officer Directory!
• Compare your options with our Mortgage Calculators!