6260 Poplar Ave. Memphis, TN 38119

Conforming Loans

Conforming Loans

Conforming Loans:
Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae and Freddie Mac. Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, form October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price.Buying back mortgage loans allow these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market – effectively decreasing the demand for non-conforming loans.

Conforming Loan Limits:

Number of Units Maximum original principal balance Alaska, Guam, Hawaii, and U.S. Virgin Islands only
1 $647,200 $625,500
2 $533,850 $800,775
3 $645,300 $967,950
4 $801,950 $1,202,925

NOTE: The conforming loan limit in Alaska, Hawaii, Guam and the Virgin Islands is 50% higher.

Leave a Comment





CONTACT INFO

6260 Poplar Ave.
Memphis, TN 38119

LICENSING

NMLS ID #156553 for TN
NLMS ID #187152 for MS
Licensed with the Mississippi Department of Banking and Consumer Finance

Equal Housing Lender
Eagle Mortgage & Funding Inc.
6260 Poplar Ave Memphis, TN 38119
(901) 761-9700