What are the diffrences in Conforming vs Non-Conforming Loans?
by 
bambam1964
ANSWERS: 1
-
Although both loan types conform to specific guidelines, a conforming loan is defined as one that cinforms to fannie mae or freddie mac guidelines. This means that it meets the the standards of either or both programs and can be sold after the loan to you has been made. Generally a conforming loan is fully qualifying, which means that you have to show sufficient income, enough cash for a down payment and reserves, and have a good credit history. Non-conforming loans can be without income verification, with poor credit, or without asset verification. Non-conforming loans are generally higher interest as their is more risk on the lenders part. David Fisher www.mypropertyflip.com www.realtysale.org
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC