Answers. Best Answer: There is no minimum or maximum loan for a conventional loan. Your loan amount or the amount you are approved for to purchase a home is based on your income and the debts you are required to pay for on your credit report.o select the best option for you and your financial situation. You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.