The Federal Housing Finance Agency (FHFA) recently announced that 2020 conventional loan limits would be raised to $510,400 for single-family homes. This increase in conforming loan limits has gone up almost $100,000 since 2016. These limits may be exceeded if the property is located in a high-cost area. Read More
The concept of conventional loans dates back to 1938 during the depths of the Great Depression. That’s when The Federal National Mortgage Corporation, also known as ‘Fannie Mae‘, was founded by the United States Government. Read More
What is a Conventional Loan?
A conventional loan by definition is any mortgage not guaranteed or insured by the federal government. Conventional loans can be either “conforming” or “non-conforming”, although conventional loan requirements generally refer to mortgage guidelines that ‘conform’ to government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. Therefore, when you’re searching for more information on ‘conventional loans’, ‘conforming loans’ or ‘conventional conforming loans’, you’re likely referring to the same thing. Read More
After the housing bubble went “pop” in 2007, it became a lot tougher for the average home buyer to qualify for a mortgage. Read More
Anybody that’s applied for a mortgage in America during the last 5 years knows how difficult the process has become. Mortgage lenders have tightened loan requirements to the point that even people with good income and credit can’t get a loan. Read More