30-Year Fixed Rate Mortgage
If you plan to stay in your home for more than 5 years and want the stability of a fixed payment, a 30-year fixed-rate loan is a smart choice.
30-Year Mortgage Facts The maximum loan amount for conforming loans is $252,700. Loan amounts above this limit are referred to as non-conforming or Jumbo loans. This limit is established by FNMA ("fannie mae") and FHLMC ("freddie mac"). Although both agencies are independent, they generally will adopt parallel guidelines (including loan limits). You can always make additional principal payments at any time without penalty.
Standard 30-Year Fixed Rate Loan
Loan Purpose	Can This Loan Be Used?	Largest Loan Amount 1 Unit	Minimum Equity  after loan is closed
Buying a home   Standard Refinance   Refinance cash out	Yes Yes Yes	$252,700 $252,700 $252,700	3%* 10% 20%
*Restrictions apply, contact your MorNext.com Home Loan Advisor