What is the maximum conventional mortgage amount for Bobby-Sue?

The maximum conventional mortgage amount often depends on several factors, including the borrower’s income, credit profile, and the property value. In this case, the correct answer indicates that Bobby-Sue is eligible for a substantial mortgage amount of $364,467.50.

This amount is significant as it likely aligns with lending guidelines established by financial institutions, which generally set maximum limits based on the property value and the borrower's ability to pay. A conventional mortgage typically allows borrowers to obtain a loan without the need for government insurance, provided they meet specific criteria, like a down payment of at least 20% of the property’s value.

The value chosen reflects a realistic and attainable figure for a conventional mortgage based on common lending practices, meaning Bobby-Sue can expect to secure this amount to purchase or refinance a property. Understanding these lending criteria is crucial for mortgage associates as they assist clients in navigating the mortgage landscape.