Conforming Mortgage

Conforming Mortgage

A loan eligible for purchase by the two major federal agencies that buy mortgages,Fannie Mae and Freddie Mac.

Conforming mortgages cannot exceed a legal maximum amount, which was $322,700 in 2003; it is raised every year. They must also meet the agencies' underwriting requirements regarding credit, documentation, property features, and other factors.

Amortgage in excess of the conforming maximum, which is identical in other respects, will have an interest rate about 3/8% higher. Borrowers who need an amount larger than the maximum will often do better taking a conforming loan for the maximum and a second mortgage for the excess.

References in periodicals archive ?
According to Informa Research analysts, 30-year fixed conforming mortgage rates have leaped an average 0.
Well-qualified borrowers are able to take advantage of these low conforming mortgage rates with only 0.
The FHLB Mortgage Partnership Finance and Mortgage Purchase programs represent a small but growing part of the secondary conforming mortgage market, which has traditionally been dominated by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
The national average 30-Year Fixed Rate Conforming Mortgage fell to 5.
36 percent this week, according to the BanxQuote Index, with the national average 30-year fixed rate conforming mortgage up to 6.
March 3 /PRNewswire-FirstCall/ -- Fieldstone Investment Corporation announced today that its wholly owned operating subsidiary, Fieldstone Mortgage Company ("FMC"), had consummated the sale of certain personal property and contract rights pertaining to a number of wholesale and retail offices that were operated by FMC's former conforming mortgage lending division, operating under the "dba" of Broad Street Mortgage Co.
Fieldstone's mortgage origination subsidiary, Fieldstone Mortgage Company, originates non- conforming and conforming mortgage loans through its wholesale and retail business divisions.
Fieldstone's mortgage origination subsidiary, Fieldstone Mortgage Company, originates non-conforming and conforming mortgage loans through wholesale and retail business divisions.
Fieldstone's residential mortgage origination subsidiary, Fieldstone Mortgage Company, originates non-conforming and conforming mortgage loans through its wholesale and retail business divisions.
New Century Financial Corporation is one of the nation's largest non- conforming mortgage companies, providing first and second mortgage products to borrowers nationwide through its operating subsidiaries.
42%) adjustable-rate and fixed-rate conforming mortgage loans with a cut-off date pool balance of $967,784,242.
The Conduit operations primarily purchases and sells or securitizes non- conforming mortgage loans, and the Warehouse, Lending Operations provides short-term lines of credit to originators of mortgage loans.