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What is a conforming loan?
So in this context, the term 鈥渃onventional鈥?basically means a normal or regular loan that does not receive government backing. A conforming loan is a conventional mortgage product that meets or 鈥渃onforms鈥?to certain size limits and other parameters.
What is the difference between a conventional loan and non-conforming loan?
Actually, there is a difference between a conventional loan and a conforming loan. Technically, a conforming loan is a type of conventional loan. But non-conforming loans are also a type of conventional loan. Indeed, there is so much confusion over this topic that even authoritative sources often will not explicitly state that this is the case.
What are the conforming loan limits for conventional loans?
The Federal Housing Finance Agency (FHFA) is the government entity that sets conforming loan limits on conventional loans. It is similar to HUD where HUD sets loan limits for FHA Loans. Currently, the maximum conforming loan limits are capped at $453,100 in most parts of the country.
What are the different types of conventional loans?
Conventional (non鈥揼overnment) loans can be divided into two types: conforming and non鈥揷onforming. Note that while all conforming loans are conventional, not all conventional loans are conforming. It is important to know also that the terms 鈥渃onventional鈥?and 鈥渃onforming鈥?are NOT interchangeable, even though some writers use them that way.