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conforming loan |
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conforming loan A loan that meets the underwriting requirements necessary for sale to Fannie Mae (FNMA—Federal National Mortgage Association) or Freddie Mac (FHLMC—Federal Home Loan Mortgage Corporation). There is nothing derogatory about a nonconforming loan; it may be too large,it may be for a property flipped within the prior 90 days,or any number of other disqualifying reasons besides creditworthiness or value of collateral. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| But that's how Washington views us for purposes of establishing conforming loan limits. The Veterans Benefits Improvement Act of 2004 tied increases in the VA guaranty to the Federal Home Loan Mortgage Corporation's conforming loan limit, allowing VA to keep pace with rising home values. Under federal law, the loan limits are indexed to the conforming loan limits of Freddie Mac and Fannie Mae - federally chartered corporations that buy and package mortgages. |
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