A conforming mortgage loan is the most commonly sought out mortgage program. This is the type of loan you may see in context with Fannie Mae or Freddie Mac.
Conforming loans have a certain credit requirement and set of guidelines that must be met in order to qualify.
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The conforming loan amount is a moving figure that is adjusted every year or so. The 2021 conforming loan limit is $548,250. We Anticipate the conforming loan limit to increase to more than $625,000 for year 2022.
Benefits and Considerations
A conforming loan can be one of the best options out there for a prospective borrower. A 15, 20 or 30 year fixed conforming mortgage is an excellent decision to lock in a non-changing rate for the life of your loan.
No interest rate surprises
Requirements and Qualifications
A mortgage that has higher than an 80% Loan To Value ratio will require mortgage insurance in the world of conforming loans.