What is the difference between a conforming loan and a jumbo loan?
The term Conforming refers to loans that conform to the standards established by Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation) and Jumbo refers to loans with loan limits above the Conforming limit. As of January 2006, the Conforming loan limit is $417,000 for a single unit property. Typically, interest rates for a Conforming loan will be 0.25%-0.375% lower than a Jumbo loan with the same terms. In recent years, the Conforming loan limit has increased to keep pace with inflation.
A conforming loan is one that is less than the maximum loan amounts set be Fannie Mae and Freddie Mac. Jumbo loans are loans that exceed these limits. The loan amounts are revised each year to reflect the change in the national average cost of a home. The current conforming loan amounts limits are: o $300,700 for a Single Family Home or Condo; o $384,900 for a 2-unit property; o $465,200 for a 3-unit property; o $578,150 for a 4-unit property.
A conforming loan is one that is less than the maximum loan amounts set by Fannie Mae and Freddie Mac. Jumbo loans are loans which exceed these limits. The loan amounts are revised each year to reflect the change in the national average cost of a home. The current conforming loan amount limit for a Single Family Home or Condo is a loan amount under $417,000. Anything over that is considered a jumbo loan.
A conforming loan is one that is less than the maximum loan amounts set by Fannie Mae … www.bankloanservices.com/faqA.html – 42k – Cached – Similar pagesConforming Loan vs Jumbo Loan – Mortgage1A.comJul 20, 2008 … Conforming vs Jumbo Loans. You may have noticed when you last … the difference between the purchase price and the conforming loan limit. … mortgage1a.com/1conformingvsjumbo.php – 28k – Cached – Similar pagesConforming Loans vs Jumbo Loans… a home buyer or homeowner must know the difference between the two. The current conforming loan limit is $417000 and below. … Jumbo loans are considered nonconforming and the ability to sell these loans in the secondary market … www.newhomessection.com/new-home-financing/conforming-vs-jumbo.php – 15k – Cached – Similar pagesNews results for What is the difference between a conforming loan and a jumbo loan?Jumbo Loan Defaults Rise at Fast Pace as Rich Suffer – Feb 20, 2009 The difference in interest rates between jumbo loans an
