Entry

What is conforming loan?

Apr 3rd, 2008 13:51
Sakir Ali, grant chen, http://www.keytomortgage.com/

Conforming loans are mortgages meeting the approval guidelines of the 
two largest purchasers of home loans in the country: the Federal 
National Mortgage Association (Fannie Mae) or Federal Home Loan 
Mortgage Corporation (Freddie Mac). The two government sponsored 
entities set the standards for conventional mortgage loans. They don't 
make mortgage loans. Instead, they create a market for mortgage 
lenders to sell loans thus freeing up the capital to lend to other 
borrowers.
Effective January 1, 2006, Federal housing agency Fannie Mae and 
Freddie Mac will raise the conforming loan limit for single family 
homes from $359,650 to $417,000, an increase of $57,350 or 16+ percent 
from the $357,650 cap for 2005. 
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For multi-family houses, the corresponding figures for 2006 are as 
follows: 
Year:          2005          2006 
Two units:   $460,400      $533,850 
Three units: $556,500      $645,300 
Four units:  $691,600      $801,950