Conforming loan is a loan which meets the rigid loan qualification guidelines of the lender and is intended for sale to Freddie Mac or Fannie Mae.

Features:

1. The maximum conforming loan amount is $300,700 for a one-unit property.
2. It is a loan that is eligible for purchase by FNMA or FHLMC.
3. It cannot exceed specified loan limits.
4. Its limit varies from one year to the next.
5. It is a conventional loan, without government guarantees.
6. It is available in fixed and ARM program.
7. It is an opposite of non conforming loan.

More References

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