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$510,400$653,550$789,950$981,700
ANTELOPENON-METRO$510,400$653,550$789,950$981,700
ARTHURNON-METRO$510,400$653,550$789,950$981,700
BANNERSCOTTSBLUFF, NE$510,400$653,550$789,950$981,700
BLAINENON-METRO$510,400$653,550$789,950$981,700
BOONENON-METRO$510,400$653,550$789,950$981,700
BOX BUTTENON-METRO$510,400$653,550$789,950$981,700
BOYDNON-METRO$510,400$653,550$789,950$981,700
BROWNNON-METRO$510,400$653,550$789,950$981,700
BUFFALOKEARNEY, NE$510,400$653,550$789,950$981,700
BURTNON-METRO$510,400$653,550$789,950$981,700
BUTLERNON-METRO$510,400$653,550$789,950$981,700
CASSOMAHA-COUNCIL BLUFFS, NE-IA$510,400$653,550$789,950$981,700
CEDARNON-METRO$510,400$653,550$789,950$981,700
CHASENON-METRO$510,400$653,550$789,950$981,700
CHERRYNON-METRO$510,400$653,550$789,950$981,700
CHEYENNENON-METRO$510,400$653,550$789,950$981,700
CLAYNON-METRO$510,400$653,550$789,950$981,700
COLFAXNON-METRO$510,400$653,550$789,950$981,700
CUMINGNON-METRO$510,400$653,550$789,950$981,700
CUSTERNON-METRO$510,400$653,550$789,950$981,700
DAKOTASIOUX CITY, IA-NE-SD$510,400$653,550$789,950$981,700
DAWESNON-METRO$510,400$653,550$789,950$981,700
DAWSONLEXINGTON, NE$510,400$653,550$789,950$981,700
DEUELNON-METRO$510,400$653,550$789,950$981,700
DIXONSIOUX CITY, IA-NE-SD$510,400$653,550$789,950$981,700
DODGEFREMONT, NE$510,400$653,550$789,950$981,700
DOUGLASOMAHA-COUNCIL BLUFFS, NE-IA$510,400$653,550$789,950$981,700
DUNDYNON-METRO$510,400$653,550$789,950$981,700
FILLMORENON-METRO$510,400$653,550$789,950$981,700
FRANKLINNON-METRO$510,400$653,550$789,950$981,700
FRONTIERNON-METRO$510,400$653,550$789,950$981,700
FURNASNON-METRO$510,400$653,550$789,950$981,700
GAGEBEATRICE, NE$510,400$653,550$789,950$981,700
GARDENNON-METRO$510,400$653,550$789,950$981,700
GARFIELDNON-METRO$510,400$653,550$789,950$981,700
GOSPERLEXINGTON, NE$510,400$653,550$789,950$981,700
GRANTNON-METRO$510,400$653,550$789,950$981,700
GREELEYNON-METRO$510,400$653,550$789,950$981,700
HALLGRAND ISLAND, NE$510,400$653,550$789,950$981,700
HAMILTONNON-METRO$510,400$653,550$789,950$981,700
HARLANNON-METRO$510,400$653,550$789,950$981,700
HAYESNON-METRO$510,400$653,550$789,950$981,700
HITCHCOCKNON-METRO$510,400$653,550$789,950$981,700
HOLTNON-METRO$510,400$653,550$789,950$981,700
HOOKERNON-METRO$510,400$653,550$789,950$981,700
HOWARDGRAND ISLAND, NE$510,400$653,550$789,950$981,700
JEFFERSONNON-METRO$510,400$653,550$789,950$981,700
JOHNSONNON-METRO$510,400$653,550$789,950$981,700
KEARNEYKEARNEY, NE$510,400$653,550$789,950$981,700
KEITHNON-METRO$510,400$653,550$789,950$981,700
KEYA PAHANON-METRO$510,400$653,550$789,950$981,700
KIMBALLNON-METRO$510,400$653,550$789,950$981,700
KNOXNON-METRO$510,400$653,550$789,950$981,700
LANCASTERLINCOLN, NE$510,400$653,550$789,950$981,700
LINCOLNNORTH PLATTE, NE$510,400$653,550$789,950$981,700
LOGANNORTH PLATTE, NE$510,400$653,550$789,950$981,700
LOUPNON-METRO$510,400$653,550$789,950$981,700
MADISONNORFOLK, NE$510,400$653,550$789,950$981,700
MCPHERSONNORTH PLATTE, NE$510,400$653,550$789,950$981,700
MERRICKGRAND ISLAND, NE$510,400$653,550$789,950$981,700
MORRILLNON-METRO$510,400$653,550$789,950$981,700
NANCENON-METRO$510,400$653,550$789,950$981,700
NEMAHANON-METRO$510,400$653,550$789,950$981,700
NUCKOLLSNON-METRO$510,400$653,550$789,950$981,700
OTOENON-METRO$510,400$653,550$789,950$981,700
PAWNEENON-METRO$510,400$653,550$789,950$981,700
PERKINSNON-METRO$510,400$653,550$789,950$981,700
PHELPSNON-METRO$510,400$653,550$789,950$981,700
PIERCENORFOLK, NE$510,400$653,550$789,950$981,700
PLATTECOLUMBUS, NE$510,400$653,550$789,950$981,700
POLKNON-METRO$510,400$653,550$789,950$981,700
RED WILLOWNON-METRO$510,400$653,550$789,950$981,700
RICHARDSONNON-METRO$510,400$653,550$789,950$981,700
ROCKNON-METRO$510,400$653,550$789,950$981,700
SALINENON-METRO$510,400$653,550$789,950$981,700
SARPYOMAHA-COUNCIL BLUFFS, NE-IA$510,400$653,550$789,950$981,700
SAUNDERSOMAHA-COUNCIL BLUFFS, NE-IA$510,400$653,550$789,950$981,700
SCOTTS BLUFFSCOTTSBLUFF, NE$510,400$653,550$789,950$981,700
SEWARDLINCOLN, NE$510,400$653,550$789,950$981,700
SHERIDANNON-METRO$510,400$653,550$789,950$981,700
SHERMANNON-METRO$510,400$653,550$789,950$981,700
SIOUXSCOTTSBLUFF, NE$510,400$653,550$789,950$981,700
STANTONNORFOLK, NE$510,400$653,550$789,950$981,700
THAYERNON-METRO$510,400$653,550$789,950$981,700
THOMASNON-METRO$510,400$653,550$789,950$981,700
THURSTONNON-METRO$510,400$653,550$789,950$981,700
VALLEYNON-METRO$510,400$653,550$789,950$981,700
WASHINGTONOMAHA-COUNCIL BLUFFS, NE-IA$510,400$653,550$789,950$981,700
WAYNENON-METRO$510,400$653,550$789,950$981,700
WEBSTERNON-METRO$510,400$653,550$789,950$981,700
WHEELERNON-METRO$510,400$653,550$789,950$981,700
YORKNON-METRO$510,400$653,550$789,950$981,700

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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