Conforming Mortgages and Home Loans in Green Bay, Wisconsin
Sometimes you may hear the term conforming mortgages and might be confused at what the difference is between a conforming mortgage and a conventional mortgage. While a conventional loan may or may not meet the criteria set forth by Fannie Mae or Freddie Mac, the very definition of a conforming mortgage is that it meets the criteria set forth by these entities. This would mean that all conforming loans are, by their very nature, conventional, however not all conventional loans are conforming.
Guidelines of the Conforming Fixed Home Mortgage
Some of the specific guidelines to whether you may qualify for this type of home loan are:
- The conforming loan must meet the terms and conditions set by Fannie Mae or Freddie Mac
- Minimum credit score requirement (generally 620 FICO)
- Most importantly the loan amount must be at/below the current conforming loan limit. As of 2023 the single family home low cost area limit is $726,200 and the high cost area limit is $1,089,300.
- Contact Executive Mortgage in Green Bay to learn more about conforming loan criteria
Consultation on the Conforming Fixed Home Loan
A conforming loan can be the a great loan to qualify for as it offers strong benefits. To find out all these benefits contact us at Executive Mortgage – we’d be more than happy to set up a consultation!