Loan Types Conforming
A conforming loan is a mortgage that is equal to or less than the loan limit set annually by Fannie Mae and Freddie Mac, the government-sponsored agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders. The current conforming loan limit for a single-family home or condominium in most areas of the country is $417,000, with higher limits allowed for designated high-priced markets.
The terms conforming and conventional are often used interchangeably. Mortgage loans that are higher than the conforming loan limit are called jumbo mortgages or nonconforming loans.
For more information about conforming loans, talk to one of our mortgage professionals.