Conventional Home Loans


What are Conventional Mortgages?



What is the difference between Fixed Rate and Adjustable Rate Mortgages?



What are Conforming and Non-Conforming Loans?

Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. The Office of Federal Housing Enterprise Oversight (OFHEO) sets the criteria for what constitutes a conforming loan limit that Fannie Mae and Freddie Mac can buy. Currently, the conforming limit set by OFHEO is $424,100 for most areas of the United States. Loans in excess of $424,100 are considered Jumbo Mortgage Loans.