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. Nebraska conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Nebraska conventional loan limits are the same thing as Nebraska conforming loan limits.

Nebraska Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Nebraska are determined by:

  • Nebraska Conventional Loan LimitsMaximum 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: Conventional loan limits in Nebraska are set at the floor amount of $424,100 across the entire state. Metro areas in NE with a conforming limit of $424,100 include Lincoln, Kearney and North Platte.

Search all Conventional Loan Limits in Nebraska:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
ADAMSHASTINGS, NE$424,100$543,000$656,350$815,650
ANTELOPENON-METRO$424,100$543,000$656,350$815,650
ARTHURNON-METRO$424,100$543,000$656,350$815,650
BANNERSCOTTSBLUFF, NE$424,100$543,000$656,350$815,650
BLAINENON-METRO$424,100$543,000$656,350$815,650
BOONENON-METRO$424,100$543,000$656,350$815,650
BOX BUTTENON-METRO$424,100$543,000$656,350$815,650
BOYDNON-METRO$424,100$543,000$656,350$815,650
BROWNNON-METRO$424,100$543,000$656,350$815,650
BUFFALOKEARNEY, NE$424,100$543,000$656,350$815,650
BURTNON-METRO$424,100$543,000$656,350$815,650
BUTLERNON-METRO$424,100$543,000$656,350$815,650
CASSOMAHA-COUNCIL BLUFFS, NE-IA$424,100$543,000$656,350$815,650
CEDARNON-METRO$424,100$543,000$656,350$815,650
CHASENON-METRO$424,100$543,000$656,350$815,650
CHERRYNON-METRO$424,100$543,000$656,350$815,650
CHEYENNENON-METRO$424,100$543,000$656,350$815,650
CLAYNON-METRO$424,100$543,000$656,350$815,650
COLFAXNON-METRO$424,100$543,000$656,350$815,650
CUMINGNON-METRO$424,100$543,000$656,350$815,650
CUSTERNON-METRO$424,100$543,000$656,350$815,650
DAKOTASIOUX CITY, IA-NE-SD$424,100$543,000$656,350$815,650
DAWESNON-METRO$424,100$543,000$656,350$815,650
DAWSONLEXINGTON, NE$424,100$543,000$656,350$815,650
DEUELNON-METRO$424,100$543,000$656,350$815,650
DIXONSIOUX CITY, IA-NE-SD$424,100$543,000$656,350$815,650
DODGEFREMONT, NE$424,100$543,000$656,350$815,650
DOUGLASOMAHA-COUNCIL BLUFFS, NE-IA$424,100$543,000$656,350$815,650
DUNDYNON-METRO$424,100$543,000$656,350$815,650
FILLMORENON-METRO$424,100$543,000$656,350$815,650
FRANKLINNON-METRO$424,100$543,000$656,350$815,650
FRONTIERNON-METRO$424,100$543,000$656,350$815,650
FURNASNON-METRO$424,100$543,000$656,350$815,650
GAGEBEATRICE, NE$424,100$543,000$656,350$815,650
GARDENNON-METRO$424,100$543,000$656,350$815,650
GARFIELDNON-METRO$424,100$543,000$656,350$815,650
GOSPERLEXINGTON, NE$424,100$543,000$656,350$815,650
GRANTNON-METRO$424,100$543,000$656,350$815,650
GREELEYNON-METRO$424,100$543,000$656,350$815,650
HALLGRAND ISLAND, NE$424,100$543,000$656,350$815,650
HAMILTONGRAND ISLAND, NE$424,100$543,000$656,350$815,650
HARLANNON-METRO$424,100$543,000$656,350$815,650
HAYESNON-METRO$424,100$543,000$656,350$815,650
HITCHCOCKNON-METRO$424,100$543,000$656,350$815,650
HOLTNON-METRO$424,100$543,000$656,350$815,650
HOOKERNON-METRO$424,100$543,000$656,350$815,650
HOWARDGRAND ISLAND, NE$424,100$543,000$656,350$815,650
JEFFERSONNON-METRO$424,100$543,000$656,350$815,650
JOHNSONNON-METRO$424,100$543,000$656,350$815,650
KEARNEYKEARNEY, NE$424,100$543,000$656,350$815,650
KEITHNON-METRO$424,100$543,000$656,350$815,650
KEYA PAHANON-METRO$424,100$543,000$656,350$815,650
KIMBALLNON-METRO$424,100$543,000$656,350$815,650
KNOXNON-METRO$424,100$543,000$656,350$815,650
LANCASTERLINCOLN, NE$424,100$543,000$656,350$815,650
LINCOLNNORTH PLATTE, NE$433,550$555,000$670,900$833,750
LOGANNORTH PLATTE, NE$433,550$555,000$670,900$833,750
LOUPNON-METRO$424,100$543,000$656,350$815,650
MADISONNORFOLK, NE$424,100$543,000$656,350$815,650
MCPHERSONNORTH PLATTE, NE$433,550$555,000$670,900$833,750
MERRICKGRAND ISLAND, NE$424,100$543,000$656,350$815,650
MORRILLNON-METRO$424,100$543,000$656,350$815,650
NANCENON-METRO$424,100$543,000$656,350$815,650
NEMAHANON-METRO$424,100$543,000$656,350$815,650
NUCKOLLSNON-METRO$424,100$543,000$656,350$815,650
OTOENON-METRO$424,100$543,000$656,350$815,650
PAWNEENON-METRO$424,100$543,000$656,350$815,650
PERKINSNON-METRO$424,100$543,000$656,350$815,650
PHELPSNON-METRO$424,100$543,000$656,350$815,650
PIERCENORFOLK, NE$424,100$543,000$656,350$815,650
PLATTECOLUMBUS, NE$424,100$543,000$656,350$815,650
POLKNON-METRO$424,100$543,000$656,350$815,650
RED WILLOWNON-METRO$424,100$543,000$656,350$815,650
RICHARDSONNON-METRO$424,100$543,000$656,350$815,650
ROCKNON-METRO$424,100$543,000$656,350$815,650
SALINENON-METRO$424,100$543,000$656,350$815,650
SARPYOMAHA-COUNCIL BLUFFS, NE-IA$424,100$543,000$656,350$815,650
SAUNDERSOMAHA-COUNCIL BLUFFS, NE-IA$424,100$543,000$656,350$815,650
SCOTTS BLUFFSCOTTSBLUFF, NE$424,100$543,000$656,350$815,650
SEWARDLINCOLN, NE$424,100$543,000$656,350$815,650
SHERIDANNON-METRO$424,100$543,000$656,350$815,650
SHERMANNON-METRO$424,100$543,000$656,350$815,650
SIOUXSCOTTSBLUFF, NE$424,100$543,000$656,350$815,650
STANTONNORFOLK, NE$424,100$543,000$656,350$815,650
THAYERNON-METRO$424,100$543,000$656,350$815,650
THOMASNON-METRO$424,100$543,000$656,350$815,650
THURSTONNON-METRO$424,100$543,000$656,350$815,650
VALLEYNON-METRO$424,100$543,000$656,350$815,650
WASHINGTONOMAHA-COUNCIL BLUFFS, NE-IA$424,100$543,000$656,350$815,650
WAYNENON-METRO$424,100$543,000$656,350$815,650
WEBSTERNON-METRO$424,100$543,000$656,350$815,650
WHEELERNON-METRO$424,100$543,000$656,350$815,650
YORKNON-METRO$424,100$543,000$656,350$815,650

Nebraska conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Nebraska?

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 Nebraska, 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 loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum Nebraska Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

Requirements for a Conventional LoanConventional mortgage guidelines allow you to purchase warrantable 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 Nebraska?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Nebraska:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private 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 mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if 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 conventional refinance mortgage requirements in Nebraska, 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. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Nebraska Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

 

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