## How Many Conventional Mortgages Can You Have?
### Introduction
Conventional mortgages are the most common type of mortgage used to purchase a home in the United States. They are typically offered by banks, credit unions, and other lending institutions. Conventional mortgages are not backed by the government, so they have stricter lending requirements than government-backed loans, such as FHA loans or VA loans.
### Conventional Mortgage Limits
The Federal Housing Finance Agency (FHFA) sets the conforming loan limits for conventional mortgages. These limits vary by county and are adjusted annually. For 2023, the conforming loan limit for a single-family home in most counties is $726,200. In high-cost areas, the conforming loan limit can be as high as $1,089,300.
### Number of Conventional Mortgages You Can Have
The number of conventional mortgages you can have at one time depends on several factors, including your income, debt, and credit history. Generally, you can only have one conventional mortgage on your primary residence. However, you may be able to have additional conventional mortgages on investment properties.
### Primary Residence
A primary residence is the home where you live most of the year. You can only have one conventional mortgage on your primary residence. This is because conventional mortgages are designed to help people purchase a home to live in, not to invest in.
### Investment Properties
You may be able to have multiple conventional mortgages on investment properties. However, each property must be treated as a separate loan. This means that you will need to qualify for each loan individually.
### Jumbo Loans
If you are looking to purchase a home that is above the conforming loan limit, you will need to get a jumbo loan. Jumbo loans are not as common as conventional mortgages, and they typically have higher interest rates. You may also need to make a larger down payment on a jumbo loan.
### Second Mortgages
A second mortgage is a loan that is secured by your home equity. Second mortgages are typically used to consolidate debt, make home improvements, or pay for other expenses. You can only have one second mortgage on your home at a time.
### Refinancing
If you have an existing conventional mortgage, you may be able to refinance it into a new loan. Refinancing can help you lower your interest rate, change the term of your loan, or consolidate your debt. You may only be able to refinance your conventional mortgage once, depending on your lender’s policies.
### Conclusion
The number of conventional mortgages you can have at one time depends on several factors, including your income, debt, credit history, and the type of property you are purchasing. Generally, you can only have one conventional mortgage on your primary residence. However, you may be able to have additional conventional mortgages on investment properties. If you are considering getting a conventional mortgage, it is important to talk to a lender to see what options are available to you.