Understanding Conventional Mortgage Limits: Most You Can Borrow?

If you’re thinking of diving into this fast-paced housing market, you must first cross the hurdle of getting pre-approved for a mortgage. How much you can borrow is determined not only on an individual level (creditworthiness, how much you can afford, etc.), but also at an industry level. You may not realize that lenders have both maximum and minimum amounts they can lend, so let’s take a closer look at those limits and dispel some of the misconceptions. 

What is the minimum amount I can borrow?

Though it may seem today like affordable housing is just a myth, there are options out there for low- and middle-income buyers. In fact, in the greater Lansing area there are currently 180 homes listed under $100,000. The question is, is there a loan program out there for homes with a smaller price tag?

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