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.
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