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A conforming loan is a non-government loan that is guaranteed by Fannie Mae and Freddie Mac, which are publicly-traded, government-sponsored enterprises. This guarantee ensures the value of the loan, which is important to issuers.
Home buyers seeking a conforming loan typically enjoy the largest selection of loan products at the most competitive rates. However, they must meet specific financial requirements, and the loan amount may not exceed a certain amount, set at a county-by-county level. In 2017, the loan limit for single-family homes in most states is $424,100 – but conforming high-balance loans are available in designated high-cost counties. For more info, visit Fannie Mae.