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A conventional mortgage is a home loan that’s not insured by the federal government. There are two types of conventional loans: conforming and non-conforming loans.
A conforming loan simply means the loan amount falls within maximum limits set by Fannie Mae or Freddie Mac, government agencies that back most U.S. mortgages. On the other hand, loans that don’t meet these guidelines are considered non-conforming loans. Jumbo loans are the most common type of non-conforming loan.
Jumbo mortgages are conventional loans that have non-conforming loan limits. This means the home prices exceed federal loan limits. For 2018, the maximum conforming loan limit for single-family homes in most of the U.S. is $453,100, according to the Federal Housing Finance Agency.
In certain high-cost areas, the price ceiling is $679,650. Jumbo loans are more common in higher-cost areas and generally require more in-depth documentation to qualify.
We quickly realized that the simplicity of our loan process and the level of comfort we offered our clients throughout the mortgage transaction were the characteristics that earned Credit Home Loans so many positive referrals.
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As we continued to examine the needs of our customers, we introduced new programs and services to meet those needs in the most effective, efficient manner possible. While these programs attract customers, it’s our diligent focus on providing personal, professional customer service that lets Credit Home Loan Pros maintain a position of leadership throughout the mortgage lending industry.
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