Conforming & Non-Conforming Mortgages

A conforming mortgage refers to a mortgage that is drawn up within the guidelines specified by the lending institutions referred to as Fannie Mae and Freddie Mac. The most common reason for a mortgage to be referred to as non-conforming is because the total amount of the mortgage exceeds the lending limits or total loan amount allowed. This type of non-conforming loan is often referred to as a Jumbo mortgage.

Other Types of Mortgages:

• Fixed-Rate Mortgages
• Adjustable-Rate Mortgages
• 2-Step Mortgages
• Balloon Mortgages
• (FHA) Federal Housing Administration Mortgages
• (VA) U.S. Department of Veteran Affairs
• Fannie Mae and Freddie Ma