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What are “conforming” and “non-conforming” loans?

April 26, 2017Loans

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What are “conforming” and “non-conforming” loans?

6 Answers

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A “conforming” loan meets loan limits and requirements established by Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac). “Non-conforming” loans such as “jumbo” mortgages do not meet these limits and requirements.

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A “conforming” loan meets loan limits and underwriting guidelines established by Federal agencies such as Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). These agencies purchase mortgages from lenders in the secondary market. “Non-conforming” loans, or “jumbo” mortgages, exceed these limits. Currently, the conforming loan limit for single family homes is set at $417,000.

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10 Posted

A conforming loan meets loan limits and underwriting guidelines established by Federal agencies such as Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC).

0

Posted

A “conforming” loan meets loan limits and underwriting guidelines established by Federal agencies such as Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). These agencies purchase mortgages from lenders in the secondary market. “Non-conforming” loans, or “jumbo” mortgages, exceed these limits. Currently, the conforming loan limit for single family homes is set at $252,700.

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A “conforming” loan meets loan limits and established by Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac). “Non-conforming” loans or “jumbo” mortgages exceed these limits.