A conforming loan is a mortgage loan that follows or “conforms” to Fannie Mae and Freddie Mac established guidelines for the size of the loan and your particular financial situation.
A conforming loan is most commonly identified by its size, which generally is limited to $484,350 for single-family homes in the continental United States.
Fannie Mae and Freddie Mac are both Government Sponsored Enterprises, which means they’re backed by the U.S. government.
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