What is the difference between a conforming loan, a super conforming loan and a jumbo loan?
A conforming loan is one that is less than the maximum loan amounts set by Fannie Mae and Freddie Mac. The loan amounts are revised each year to reflect the change in the national average cost of a home. The current conforming loan amount limits are:
SFR/Condo: $647,200
2-Unit Property: $828,700
3-Unit Property: $1,001,650
4-Unit Property: $1,244,850
A Super Conforming mortgage is a loan category that was created by the Economic Stimulus Act of 2008. The Act allows Fannie Mae and Freddie Mac to purchase mortgages in high-cost housing markets. Click here to see what your county Super Conforming mortgage loan-limit is. These loans are easier to qualify for than Jumbo financing and the maximum loan amounts (set by County) for the Super Conforming mortgages are;
SFR/Condo: $970,800
2-Unit Property: $1,243,050
3-Unit Property: $1,502,475
4-Unit Property: $1,867,275
Jumbo loan products exceed conforming and super conforming mortgage limits and are capped at $5,000,000.
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- What supporting documentation is required?
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- Are any fees collected when I lock?
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- Can I choose a different program or rate after I’ve locked?
- Can I relock my rate if I cancel and reapply?
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- What is a rebate/credit?
- Can I prepay the loan without a penalty?
- How can you offer such low rates?
- Is there a fee or any obligation if I apply?