CONVENTIONAL MORTGAGES ARE NOT BACKED BY THE FEDERAL GOVERNMENT. THEY ARE CATEGORIZED AS CONFORMING OR NON-CONFORMING.
CONFORMING LOANS ADHERE TO A SET OF STANDARDS CREATED BY THE FEDERAL HOUSING FINANCE AGENCY, OR FHFA, WHICH CONSIDERS YOUR CREDIT, DEBT, AND LOAN SIZE. YOU WILL FACE MAXIMUM MORTGAGE AMOUNTS WHICH VARY BY COUNTY. NON-CONFORMING LOANS DO NOT MEET FHFA STANDARDS. THESE LOANS ARE WELL-SUITED FOR CLIENTS LOOKING FOR EXPENSIVE HOMES, OR IN SOME CASES, MAY OFFER HIGHER INTEREST RATES FOR LESS-THAN-IDEAL CREDIT RATINGS.
The Practical Mortgage Solution LLC
102-819 Terrace Park Suite, Rock Hill, South Carolina 29730
NMLS ID: 2465241
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