What is the difference between Conforming and Nonconforming loans?

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Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”.

This week, we answer the question: What is the difference between Conforming and Nonconforming loan?

When it comes to conforming vs non-conforming, we look to our good friends Fannie Mae and Freddie Mac. A conforming loan means that the loan meets the specific criteria that allows Fannie Mae and Freddie Mac to buy them. A non-conforming loan is one that doesn’t meet the criteria and isn’t allowed to be purchase by our friends Fannie and Freddie. These types of loans are sometimes referred to as portfolio loans.

Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! SO please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!

Joe

Chief Operating Officer

Joe Harris is the COO of Morgan Financial, where he oversees operations, sales, and marketing to ensure a fast, enjoyable, and consistent mortgage experience. With more than 25 years in the industry and over $1 billion funded, Joe combines deep expertise with a passion for helping clients achieve homeownership. He is also dedicated to training and equipping loan officers with the tools and strategies they need to thrive in a competitive market.

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