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Florida Conforming Mortgages

Understanding what a conforming mortgage loan. Let us start in layman’s terms, for the state of Florida–and most states–it is a mortgage loan less than $484,350. It meets all the standard criteria for Fannie Mae and Freddie Mac. The criteria are set by the Office of Federal Housing Enterprise Oversight (OFHEO) who regulates Fannie Mae and Freddie Mac.

So, what does that mean to you, the consumer? Well, when you go to a bank or lender and ask to borrow money to purchase or refinance your home, the bank or lender will look to see if you can meet the criteria for Fannie Mae or Freddie Mac.

Since the banks and lenders may only have so much money to lend, they look for someone to purchase that mortgage loan from them. However, they may keep the servicing of that mortgage loan. If you do not meet the criteria and the Bank or Lender gives you the loan, that bank or lender may have to keep the loan in house, leaving them with a greater risk and having less funds to lend to others. Most banks and lenders, when faced with a borrower that cannot meet the criteria for a conforming loan, may deny a borrower for the mortgage loan.

Our team at High Definition Mortgage, want to do our best to make sure you can meet these criteria, before you spend over $1,500 for appraisals, surveys, pest inspections, and home inspections, only to be denied shortly after.

Conforming Mortgage Loans Available in Florida.

Please take the time to go through our education center to learn about how to avoid the traps of banks and retail lenders. You should always know the status of your credit and other conditions for loan approval, before paying in advance of surveys or an appraisal. Once paid, it’s near impossible to get a refund. Talk to us before you sign an agreement with a title company or a closing attorney. Generally, in these agreements, you are agreeing to pay for items they will order on your behalf. Many times, a survey is ordered prematurely.

Our Team at High Definition Mortgage will look at your total financial profile and give you the best options to choose from. The type of mortgage loan should be your choice, not what someone else is trying to promote or generate a high compensation for their office.

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