Conventional Loans – Conventional Conforming Loan Programs

Conventional loans have been considered the garden variety mortgage program for over 80 years. The term ‘conventional loan’ is defined as any mortgage that isn’t guaranteed or insured by a government agency. Today’s conventional loans may be either “conforming” or “non-conforming”, although ‘conforming loan’ programs are often loosely referred to as ‘conventional loans’. Conventional 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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Conventional Loan Requirements and Conventional Mortgage Guidelines | 2017

Conventional Loan Requirements

What is a Conventional Loan?

By definition, a conventional loan is any mortgage that’s not guaranteed or insured by the federal government. Conventional loans can be either “conforming” or “non-conforming”, although conventional loan requirements generally refer to the set of mortgage guidelines that ‘conform’ to the government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. Hence, when you hear someone talking about ‘conventional loans’, ‘conforming loans’ or ‘conventional conforming loans’, they’re likely referring to the same thing. Read More

Conforming Loan Limits are Conventional Loan Limits | 2017

Conventional Loan Limits

The Federal Housing Finance Agency (FHFA) recently announced that 2017 conventional loan limits would be raised to $424,100 for single-family homes.  This increase in these ‘conforming’ loan limits was the first since 2006. These limits may be exceeded if the property is located in a high-cost area. Read More

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