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What is a conforming loan? What is a non-conforming loan?
A conforming loan
conforms to the requirements of Fannie Mae and Freddie Mac. Usually, the
specific reference is to loan amount. The maximum loan amount for 1997 as
specified by Congress for single family loan purchased by either of these
two agencies is $227,150. The term also refers to a loan which conforms to
all of the other borrower and property requirements of these
two agencies.