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What is the difference between a conforming and a non-conforming loan?

April 26, 2017conforming difference loan Non-Conforming

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What is the difference between a conforming and a non-conforming loan?

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The maximum amount of money for a conforming loan is $417,000. Any mortgage loan that exceeds that amount is considered to be ?non-conforming?. In some cases the property itself may not be considered conforming due to the type of property (mobile homes, number of investors in the area), even if the price of the property is considering conforming.