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Conforming Vs. Non-Conforming Loan: Which Is Best For You?
January 15, 2021 8:05 AM Lindsay VanSomeren - Forbes Advisor
Posted:
Updated:
January 17, 2021 5:52 AM
If you’re in the market to buy a house soon, you might have come across the terms conforming and non-conforming loans. It’s just one extra layer that adds to the confusion of buying a house, but knowing the difference can help you target the right kind of loan for your situation. And that can actually help you get the house you want, or even help you save money.
Key Differences: Conforming vs. Non-conforming Loans
There are different classifications of loans you can use to buy a home, and conforming and non-conforming loans are of the most common. A conforming loan meets the guidelines to be sold to either Fannie Mae or Freddie Mac, two of the largest mortgage buyers in the U.S. Non-conforming loans, on the other hand, are those that fall outside those guidelines, so they can’t be sold to Fannie Mae o