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
Area
1-Unit
2-Unit
3-Unit
4-Unit
ADAMSGETTYSBURG, PA$424,100$543,000$656,350$815,650
ALLEGHENYPITTSBURGH, PA$424,100$543,000$656,350$815,650
ARMSTRONGPITTSBURGH, PA$424,100$543,000$656,350$815,650
BEAVERPITTSBURGH, PA$424,100$543,000$656,350$815,650
BEDFORDNON-METRO$424,100$543,000$656,350$815,650
BERKSREADING, PA$424,100$543,000$656,350$815,650
BLAIRALTOONA, PA$424,100$543,000$656,350$815,650
BRADFORDSAYRE, PA$424,100$543,000$656,350$815,650
BUCKSPHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD$424,100$543,000$656,350$815,650
BUTLERPITTSBURGH, PA$424,100$543,000$656,350$815,650
CAMBRIAJOHNSTOWN, PA$424,100$543,000$656,350$815,650
CAMERONNON-METRO$424,100$543,000$656,350$815,650
CARBONALLENTOWN-BETHLEHEM-EASTON, PA-NJ$424,100$543,000$656,350$815,650
CENTRESTATE COLLEGE, PA$424,100$543,000$656,350$815,650
CHESTERPHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD$424,100$543,000$656,350$815,650
CLARIONNON-METRO$424,100$543,000$656,350$815,650
CLEARFIELDDUBOIS, PA$424,100$543,000$656,350$815,650
CLINTONLOCK HAVEN, PA$424,100$543,000$656,350$815,650
COLUMBIABLOOMSBURG-BERWICK, PA$424,100$543,000$656,350$815,650
CRAWFORDMEADVILLE, PA$424,100$543,000$656,350$815,650
CUMBERLANDHARRISBURG-CARLISLE, PA$424,100$543,000$656,350$815,650
DAUPHINHARRISBURG-CARLISLE, PA$424,100$543,000$656,350$815,650
DELAWAREPHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD$424,100$543,000$656,350$815,650
ELKNON-METRO$424,100$543,000$656,350$815,650
ERIEERIE, PA$424,100$543,000$656,350$815,650
FAYETTEPITTSBURGH, PA$424,100$543,000$656,350$815,650
FORESTNON-METRO$424,100$543,000$656,350$815,650
FRANKLINCHAMBERSBURG-WAYNESBORO, PA$424,100$543,000$656,350$815,650
FULTONNON-METRO$424,100$543,000$656,350$815,650
GREENENON-METRO$424,100$543,000$656,350$815,650
HUNTINGDONHUNTINGDON, PA$424,100$543,000$656,350$815,650
INDIANAINDIANA, PA$424,100$543,000$656,350$815,650
JEFFERSONNON-METRO$424,100$543,000$656,350$815,650
JUNIATANON-METRO$424,100$543,000$656,350$815,650
LACKAWANNASCRANTON--WILKES-BARRE--HAZLETON, PA$424,100$543,000$656,350$815,650
LANCASTERLANCASTER, PA$424,100$543,000$656,350$815,650
LAWRENCENEW CASTLE, PA$424,100$543,000$656,350$815,650
LEBANONLEBANON, PA$424,100$543,000$656,350$815,650
LEHIGHALLENTOWN-BETHLEHEM-EASTON, PA-NJ$424,100$543,000$656,350$815,650
LUZERNESCRANTON--WILKES-BARRE--HAZLETON, PA$424,100$543,000$656,350$815,650
LYCOMINGWILLIAMSPORT, PA$424,100$543,000$656,350$815,650
MCKEANBRADFORD, PA$424,100$543,000$656,350$815,650
MERCERYOUNGSTOWN-WARREN-BOARDMAN, OH-PA$424,100$543,000$656,350$815,650
MIFFLINLEWISTOWN, PA$424,100$543,000$656,350$815,650
MONROEEAST STROUDSBURG, PA$424,100$543,000$656,350$815,650
MONTGOMERYPHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD$424,100$543,000$656,350$815,650
MONTOURBLOOMSBURG-BERWICK, PA$424,100$543,000$656,350$815,650
NORTHAMPTONALLENTOWN-BETHLEHEM-EASTON, PA-NJ$424,100$543,000$656,350$815,650
NORTHUMBERLANDSUNBURY, PA$424,100$543,000$656,350$815,650
PERRYHARRISBURG-CARLISLE, PA$424,100$543,000$656,350$815,650
PHILADELPHIAPHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD$424,100$543,000$656,350$815,650
PIKENEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA$636,150$814,500$984,525$1,223,475
POTTERNON-METRO$424,100$543,000$656,350$815,650
SCHUYLKILLPOTTSVILLE, PA$424,100$543,000$656,350$815,650
SNYDERSELINSGROVE, PA$424,100$543,000$656,350$815,650
SOMERSETSOMERSET, PA$424,100$543,000$656,350$815,650
SULLIVANNON-METRO$424,100$543,000$656,350$815,650
SUSQUEHANNANON-METRO$424,100$543,000$656,350$815,650
TIOGANON-METRO$424,100$543,000$656,350$815,650
UNIONLEWISBURG, PA$424,100$543,000$656,350$815,650
VENANGOOIL CITY, PA$424,100$543,000$656,350$815,650
WARRENWARREN, PA$424,100$543,000$656,350$815,650
WASHINGTONPITTSBURGH, PA$424,100$543,000$656,350$815,650
WAYNENON-METRO$424,100$543,000$656,350$815,650
WESTMORELANDPITTSBURGH, PA$424,100$543,000$656,350$815,650
WYOMINGSCRANTON--WILKES-BARRE--HAZLETON, PA$424,100$543,000$656,350$815,650
YORKYORK-HANOVER, PA$424,100$543,000$656,350$815,650

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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