Conforming Loan

In the United States, a conforming loan is a mortgage loan that conforms to GSE (Fannie Mae and Freddie Mac) guidelines. The most well-known guidelines is the size of the loan, which as of 2013 was generally limited to $417,000 for single family homes in the continental US. Other guidelines include borrower's loan-to-value ratio (i.e. the size of down payment), debt-to-income ratio, credit score and history, documentation requirements, etc.In general, any loan which does not meet guidelines is a non-conforming loan. A loan which does not meet guidelines specifically because the loan amount exceeds the guideline limits is known as a jumbo loan.
Posts about Conforming Loan
  • 10 Common Mortgage Related Terms and Definitions You Need to Know

    … of the expenses that are involved with the transferring of the ownership of property, which in this case, is the home. These expenses aren’t limited to the buyer, either – closing costs encompass all expenses, whether on the part of the buyer or the seller. This may include fees for origination or a lawyer, escrow payments, title insurance, taxes, and more…

    Matty Byloos/ RGR Marketing- 8 readers -