Conforming Loans

Conforming Loans

Conforming Loans:
Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae and Freddie Mac. Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, form October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price.

Buying back mortgage loans allow these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market – effectively decreasing the demand for non-conforming loans.

Conforming Loan Limits:

Number of Units Maximum original principal balance Alaska, Guam, Hawaii, and U.S. Virgin Islands only
1 $417,000 $625,500
2 $533,850 $800,775
3 $645,300 $967,950
4 $801,950 $1,202,925

NOTE: The conforming loan limit in Alaska, Hawaii, Guam and the Virgin Islands is 50% higher.

CONTACT INFO

2001 Marcus Ave
Lake Success, NY 11042

LICENSING

NMLS #28873
Licensed in the state of VA, FL, NY, NJ, GA, PA, CT and CA.
Registered New York Mortgage Broker-All mortgage loans arranged with third party providers.
Licensed by the N.J. Department of Banking and Insurance.
This material is not from HUD or FHA and has not been approved by HUD or any government agency," and state specific disclosures
Registered Mortgage Broker N.Y.S. Department Financial Services.
Loans Arranged Through Third Party.
Providers. Not A Mortgage Lender or Correspondent Lender.

Equal Housing Lender