Conventional Loans: Conforming Loans Explained

What makes a loan conventional, and what makes it conforming?

CFPB explains that "conventional" simply means the loan is not part of a specific government program. It then separates conforming loans from the rest: conforming loans have maximum loan amounts set by the government, and other rules for them are set by Fannie Mae or Freddie Mac, the companies that back them ^[3].

The amount limit comes from law. FHFA states that Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, called the conforming loan limit ^[1]. Fannie Mae's Selling Guide adds that the limits apply to conventional loans delivered to Fannie Mae and are based on the original loan amount ^[4].

A loan that is conventional but above the limit, or that does not meet agency guidelines, is not conforming. Those loans are priced and underwritten by the lender or investor instead, which is a different conversation than this page.

What is the conforming loan limit in Miami-Dade and Broward?

FHFA sets the limits each year under a formula established by the Housing and Economic Recovery Act of 2008 ^[1]. For 2026, FHFA announced a baseline one-unit limit of $832,750 for most of the United States, with a higher ceiling in designated high-cost areas ^[2].

FHFA's full 2026 county list shows the one-unit limit for both Miami-Dade County and Broward County, Florida, as $832,750, which is the baseline value ^[7]. The limits are higher for two- to four-unit properties and the list is revised each year, so always confirm the current year's value on FHFA's site before relying on a number.

Fannie Mae places the responsibility on the lender: the original loan amount must not exceed the limit for the area where the property is located at the time the loan is delivered ^[4].

What do Fannie Mae and Freddie Mac actually require?

Fannie Mae publishes its requirements in the Selling Guide and Freddie Mac in its Seller/Servicer Guide. Lenders that sell loans to them must follow those guides, which is why conforming loans tend to follow similar, published standards from lender to lender.

We do not list credit score, down payment or debt-to-income thresholds on this page. Agency guidelines change, several depend on the loan's specific features and on the automated underwriting result, and they are published only in the current guide. Your loan officer reviews the current requirements against your file.

CFPB notes that if your down payment is less than 20 percent, you will typically need mortgage insurance on a conventional loan ^[3].

Does the condo building matter for a conventional loan?

Yes. Fannie Mae's Selling Guide says the quality of mortgages on units in condo, co-op and planned unit development projects can be influenced by characteristics of the project as a whole, and the lender must determine that the project meets Fannie Mae's eligibility requirements before delivering a loan on an individual unit ^[5].

The Guide distinguishes, for example, an established condo project: at least 90 percent of units conveyed to purchasers, the project 100 percent complete, no further phasing or annexation, and control of the association turned over to unit owners ^[5]. A building that does not meet the agency's project standards is commonly called non-warrantable. Freddie Mac applies its own project review and eligibility requirements, which are separate from Fannie Mae's ^[8]. A buyer can be fully qualified and still be unable to use a conforming loan because of the building.

We describe building categories in general terms only, and we never comment on a specific building on this site. If the building you want does not fit agency standards, other financing paths exist, and we explain them on our non-warrantable condo pages.

When does a conventional conforming loan fit, and when does it not?

A conforming loan may fit a buyer whose file matches the published agency standards, whose loan amount is within the county limit, and whose building meets project eligibility ^[1][4][5]. Fannie Mae publishes its requirements in its Selling Guide ^[5].

It may not fit a loan above the limit, a buyer whose income or documentation does not fit the agency box, or a condo that fails project review. Start with the questions below, then talk with us about the file.