SOURCE: Fahrenheit Marketing
Conforming loans are loans that meet the terms, conditions and guidelines established under Fannie Mae and Freddie Mac.
Georgetown, TX (PRWEB) December 11, 2012
Conforming loans are mortgages that meet the terms, conditions and guidelines established by Fannie Mae and Freddie Mac, the government-sponsored enterprises that purchase many conforming home loans each year.
One of the most basic requirements in order for a mortgage to qualify as a conforming loan is that the amount of the loan must fall under $417,000 for a single-family house. Other criteria include debt-to-income ratio limits and documentation requirements.
“Conforming loans are a great option for many homebuyers,” said Kristi France, a residential home loan originator with Georgetown Mortgage Bank. “Since Fannie Mae and Freddie Mac purchase these loans from banks, the loan often costs borrowers less money than a non-conforming home loan.”
At Georgetown Mortgage Bank, every customer is assigned a personal loan originator. Personal loan originators are responsible for helping borrowers find the best loan for their unique situations. The loan originators are also available to customers throughout each step of the process, from application to closing, to answer any questions the borrowers might have.
To read more about the loan programs offered at Georgetown Mortgage Bank, click here.
About Georgetown Mortgage Bank
Georgetown Mortgage Bank is a full-service mortgage bank in Georgetown, Texas. The bank provides home mortgages, refinances, construction loans and reverse mortgages to people across the state of Texas. Georgetown Mortgage Bank aims to find the best mortgage solutions for its clients through the guidance of a personal loan consultant who works with the customer from beginning to end of the mortgage process. Although Georgetown Mortgage Bank offers big bank products and services, its consultants pride themselves on offering the friendly service of a local bank.
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