Conforming Loans Mortgage Product
A Conforming Loan is any loan that is sold to and meets the underwriting guidelines issued by Fannie Mae or Freddie Mac. In most cases, the interest rates on conforming loans are the best rates obtainable for a new home loan.
The loan amount is the most common determining factor of whether or not a mortgage will be considered a conforming loan. Conforming loans are typically those which do not exceed $417,000.00 for single unit residences. However, in some areas the maximum conforming loan size for a single unit property is $625,500. Conforming loan limits will fluctuate depending on the area and property type.
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