CONFORMING LOANS
At Integrated Funding, a Raleigh, NC mortgage company, we specialize in helping residents of Raleigh, Cary, Wilmington, Charlotte, and beyond find their ideal mortgage solution. One of the ways we do this is by looking at all available loan options and programs and helping our clients apply for them.
What Is A Conforming Loan?
A conforming loan is a mortgage loan that conforms to the guidelines set forth by Fannie Mae and Freddie Mac, which are two government-sponsored entities that purchase mortgages from lenders. These guidelines include loan amount limits, borrower credit score requirements, and down payment requirements. Conforming loans cannot exceed a certain dollar limit, which changes from year to year. In 2023, the limit is $726,200. Conforming loans are offered as a Fixed Rate or Adjustable Rate (ARM). We will help determine which loan best fits your specific situation.
What Is A Conforming Loan?
A conforming loan is a mortgage loan that conforms to the guidelines set forth by Fannie Mae and Freddie Mac, which are two government-sponsored entities that purchase mortgages from lenders. These guidelines include loan amount limits, borrower credit score requirements, and down payment requirements. Conforming loans cannot exceed a certain dollar limit, which changes from year to year. In 2023, the limit is $726,200. Conforming loans are offered as a Fixed Rate or Adjustable Rate (ARM). We will help determine which loan best fits your specific situation.
What Are The Benefits of a Conforming Loan?
One of the biggest benefits of a conforming loan is that it typically offers lower interest rates than non-conforming loans. Additionally, conforming loans have more flexible underwriting guidelines, making them easier to qualify for than non-conforming loans. Borrowers with good credit scores and a stable income may qualify for a lower down payment with a conforming loan, which can make homeownership more accessible.
How Does A Conforming Loan Differ From a Non-Conforming Loan?
A non-conforming loan, also known as a jumbo loan, exceeds the loan limits set by Fannie Mae and Freddie Mac. Non-conforming loans typically have higher interest rates and stricter underwriting requirements than conforming loans due to their higher risk.
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