Conventional
Loans
Conforming Loans
Conforming loans have standard lending industry guidelines set
by Fannie Mae and Freddie Mac, two agencies you may have heard
about in newspapers or on TV.
Jumbo Loans
Conventional loans of larger than conforming amounts are called
jumbo or nonconforming loans. In most cases, jumbo loans have slightly
higher interest rates than conforming loans.
The word "subprime" is lending industry terminology for home
financing programs that accommodate borrowers with special qualifying
factors, including poor credit histories.
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