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Definitions of Conforming Loan

This refers to a mortgage loan that meets the guidelines set by FNMA and FHLMC. As of 2006 the loans must not exceed $417,000 to be considered conforming loans. Mortgage loans with higher amounts are referred to as Jumbo Loans or Nonconforming Loans and usually carry higher interest rates.
This refers to a mortgage loan that meets the guidelines set by FNMA and FHLMC. As of 2006 the loans must not exceed $417,000 to be considered conforming loans. Mortgage loans with higher amounts are referred to as Jumbo Loans or Nonconforming Loans and usually carry higher interest rates. This definition of Conforming Loan contributed by jimolenbush.