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Conventional Loans

Conventional loans may be conforming and non-conforming mortgages. Conventional mortgage loans are loans that are not secured by the government. The more common government loans are FHA, VA, and USDA type loans. Government sponsored Enterprise or better known as GSE’s are most commonly backed by Fannie Mae and Freddie Mac. A loan backed by a GSE is known as a conforming conventional mortgage loan.

Conforming conventional mortgage loans follow the guidelines of Freddie Mac and Fannie Mae. This is important to the lender as these loans may be sold off to one of them in order to free up funds for the lender to make other loans.

Non-Conforming conventional loans maybe retained by the lender in their own portfolio or sold off to the secondary market not sponsored or controlled by a government enterprise. It is not uncommon to see these loans purchased by mutual fund companies or insurance companies.

Non-Conforming Conventional loans may not be subject to loan limits or other underwriting restrictions that one may face with conforming conventional loans. However, the consumer should be aware they may see or experience a difference in rates and cost.

If you have any questions or would like further assistance, please contact us directly and we will try our very best to help wherever possible.
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