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 as Pennsylvania conforming loan limits.

Pennsylvania Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Pennsylvania are determined by:

  • Pennsylvania 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 Pennsylvania are set at the floor amount of $424,100 across the entire state. Metro areas in PA with a conforming limit of $424,100 include Philadelphia, Allentown, Pittsburg, Erie, Reading, Johnstown and Harrisburg.

Search all Conventional Loan Limits in Pennsylvania:

County Name
ADAMSGETTYSBURG, PA$510,400$653,550$789,950$981,700
ALLEGHENYPITTSBURGH, PA$510,400$653,550$789,950$981,700
ARMSTRONGPITTSBURGH, PA$510,400$653,550$789,950$981,700
BEAVERPITTSBURGH, PA$510,400$653,550$789,950$981,700
BERKSREADING, PA$510,400$653,550$789,950$981,700
BLAIRALTOONA, PA$510,400$653,550$789,950$981,700
BRADFORDSAYRE, PA$510,400$653,550$789,950$981,700
BUTLERPITTSBURGH, PA$510,400$653,550$789,950$981,700
CAMBRIAJOHNSTOWN, PA$510,400$653,550$789,950$981,700
CARBONALLENTOWN-BETHLEHEM-EASTON, PA-NJ$510,400$653,550$789,950$981,700
CENTRESTATE COLLEGE, PA$510,400$653,550$789,950$981,700
CLEARFIELDDUBOIS, PA$510,400$653,550$789,950$981,700
CLINTONLOCK HAVEN, PA$510,400$653,550$789,950$981,700
COLUMBIABLOOMSBURG-BERWICK, PA$510,400$653,550$789,950$981,700
CRAWFORDMEADVILLE, PA$510,400$653,550$789,950$981,700
CUMBERLANDHARRISBURG-CARLISLE, PA$510,400$653,550$789,950$981,700
DAUPHINHARRISBURG-CARLISLE, PA$510,400$653,550$789,950$981,700
ELKST. MARYS, PA$510,400$653,550$789,950$981,700
ERIEERIE, PA$510,400$653,550$789,950$981,700
FAYETTEPITTSBURGH, PA$510,400$653,550$789,950$981,700
FRANKLINCHAMBERSBURG-WAYNESBORO, PA$510,400$653,550$789,950$981,700
HUNTINGDONHUNTINGDON, PA$510,400$653,550$789,950$981,700
INDIANAINDIANA, PA$510,400$653,550$789,950$981,700
LACKAWANNASCRANTON--WILKES-BARRE, PA$510,400$653,550$789,950$981,700
LANCASTERLANCASTER, PA$510,400$653,550$789,950$981,700
LAWRENCENEW CASTLE, PA$510,400$653,550$789,950$981,700
LEBANONLEBANON, PA$510,400$653,550$789,950$981,700
LEHIGHALLENTOWN-BETHLEHEM-EASTON, PA-NJ$510,400$653,550$789,950$981,700
LUZERNESCRANTON--WILKES-BARRE, PA$510,400$653,550$789,950$981,700
LYCOMINGWILLIAMSPORT, PA$510,400$653,550$789,950$981,700
MCKEANBRADFORD, PA$510,400$653,550$789,950$981,700
MERCERYOUNGSTOWN-WARREN-BOARDMAN, OH-PA$510,400$653,550$789,950$981,700
MIFFLINLEWISTOWN, PA$510,400$653,550$789,950$981,700
MONROEEAST STROUDSBURG, PA$510,400$653,550$789,950$981,700
MONTOURBLOOMSBURG-BERWICK, PA$510,400$653,550$789,950$981,700
NORTHUMBERLANDSUNBURY, PA$510,400$653,550$789,950$981,700
PERRYHARRISBURG-CARLISLE, PA$510,400$653,550$789,950$981,700
PIKENEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$765,600$980,325$1,184,925$1,472,550
SCHUYLKILLPOTTSVILLE, PA$510,400$653,550$789,950$981,700
SNYDERSELINSGROVE, PA$510,400$653,550$789,950$981,700
SOMERSETSOMERSET, PA$510,400$653,550$789,950$981,700
UNIONLEWISBURG, PA$510,400$653,550$789,950$981,700
VENANGOOIL CITY, PA$510,400$653,550$789,950$981,700
WARRENWARREN, PA$510,400$653,550$789,950$981,700
WASHINGTONPITTSBURGH, PA$510,400$653,550$789,950$981,700
WESTMORELANDPITTSBURGH, PA$510,400$653,550$789,950$981,700
WYOMINGSCRANTON--WILKES-BARRE, PA$510,400$653,550$789,950$981,700
YORKYORK-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 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 Pennsylvania 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?

PA Conventional Mortgage GuidelinesConventional 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 Pennsylvania?

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

  • 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 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, you must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Pennsylvania Mortgage Limits

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

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Refinance     Purchase

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