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I refinianced my jumbo loan and now they say I have a "Conforming" Jumbo loan. What does that mean?

by goingfishing56620 from Dupree, South Dakota. 24 days ago Reply


Meaning, your loan is conventional and conforming to Conventional Jumbo loan guidelines through FNMA.

24 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,623 contributions

The term "conventional" just means the loan isn't a government backed loan, like an FHA or VA loan. The term "conforming" means the loan conforms to Fannie Mae or Freddie Mac guidelines. By confirming to these guidelines, there are many benefits to both you and your lender. For loans in SD, MN, and WI, visit me at www.JoeMetzler.com

24 days ago
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It means your loan amount before was over $424,100 and now in 2018 Loan amounts under $453,100 are Conforming Conventional. I'm located in SD and can help further , just call me at 605-359-1775.Thanks

24 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,154 contributions

More info needed,, specifically the loan amount.. but as others pointed out.. Conforming means that the loan conforms to the boiler plate guidelines put out by Fannie Mae & Freddie Mac. But understand, if your loan amount is above the conforming loan limits, then even though it's underwritten as a "Conforming" loan.. it's not a fannie/freddie loan. It's a portfolio loan.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

22 days ago
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