What is a Conforming Loan?
2007 Conforming Loan Limits* (Single Family): $417,000
Important Notice: Check out the information contained with our "Announcements" page! Conventional residential home loans at or below $417,000 at the time of this writing offered within the majority of states with the United States (excluding Alaska, Guam, Hawaii, and the Virgin Islands are 59% higher, and are handled under different rules/guidelines) are termed as 'Conforming type loans' provided they follow certain underwriting terms and conditions/guidelines as set forth by Fannie Mae and Freddie Mac.
Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation) are two major stockholder-owned corporations that purchase mortgage loans and the majority of conventional conforming loans. These loans must be packaged and/or underwritten to comply with their guidelines. The majority of mortgage lending institutions will package these mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac (like Ginnie Mae) can provide a continuous flow of affordable funds for home financing. This results in the continued development and availability of mortgage credit for Americans.
The guidelines established by Fannie Mae and Freddie Mac determines the maximum loan amount, establishes borrower credit and income requirements, down payment consideration, and suitable type properties. *Fannie Mae and Freddie Mac announces new loan limits every year.
CONSIDER THIS....
The difference between one broker/lender to another is...
1. Experience
2. Service
3. Selection
4. Cost
5. Efficiency
Home and Commercial Real Estate lending is our business.
We remain in business because we offer lending services that most lenders or other brokers cannot offer.
We provide you with make-sense loan programs with make-sense costs (if any),
and do it quickly, efficiently and confidentially.
YOUR ONE STOP REAL ESTATE SHOP
IS YOUR REAL ESTATE LOAN GREATER THAN $729,750
AND YOU LIVE IN ORANGE COUNTY AND/OR LOS ANGELES, CALIFORNIA?
WE HAVE JUMBO'S, SUPER JUMBO'S (1MILLION +), AND BRIDGE LOANS!
The bottom line is... the bottom line!
The question: Can we save you money!
YES!
Only deal with real (estate) finance professionals!
Call us NOW!
949 951-1044
949 951-1044