What is a conforming loan? And is a 30 yr fixed rate loan different from a 30 yr conforming loan?
November 2nd, 2009 by Lenny
I am trying to figure out if there are any hidden fees or difference in terms that I have to look out for, thanks.
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A conforming loan must have a certain minimum down payment, and there is a maximum loan amount. In general, it’s a very safe loan for the lender because of the large down payment, and because they can sell it to Fannie Mae. Try to get one of those if you can afford it, it’s a good deal.