Conforming Loan Limits 2024
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Conventional mortgages — home loans that aren't backed by the federal government — come in two basic types: conforming and nonconforming.
The main difference between the two is that conforming loans have maximum dollar limits and comply with certain underwriting rules while nonconforming loans can be bigger and stray outside the guidelines.
What is a conforming loan?
Conforming loans comply with mortgage loan limits set every year by the Federal Housing Finance Agency and underwriting guidelines set by Fannie Mae and Freddie Mac, the government-sponsored entities that purchase mortgages. These behind-the-scenes companies provide a secondary market for mortgages, allowing lenders to package loans into investment bundles and sell them so they're able to lend again.
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