Conventional Loans

The term ‘conventional loan’ is defined as any mortgage that isn’t guaranteed or insured by a government agency. As a result, conventional loans have long been considered the ‘garden variety’ of mortgage programs. Conventional loans can be either “conforming” or “non-conforming”. Conforming loans are conventional programs that meet or ‘conform’ to guidelines set forth by the Federal Housing Finance Agency (FHFA), as well as the funding criteria for either Fannie Mae and Freddie Mac.

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