Conforming Loans

Low mortgage rates and fast closings

The conforming loan market is composed of mortgages that meet Fannie Mae and Freddie Mac guidelines. Conforming lenders underwrite and fund conforming loans, which are then sold to investors like Fannie Mae and Freddie Mac. For borrowers with excellent credit, conforming loans are advantageous due to their low interest rates.

A conforming mortgage is one that the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are willing to buy. They have lower borrowing costs than private companies and can offer low interest rates on mortgages that conform to their requirements.

The use of a conforming loan is an excellent way to finance a new home, refinancing a mortgage or purchase investment property. Benefits include no mortgage insurance with 20% equity or 20% down payment, lower up-front costs and more loan options than private companies. Interest rates are usually lower than non-conforming loans which lowers long term borrowing costs.

30 Year Fixed Conventional: A top choice for many home buyers, investors and homeowners because it provides fixed principle and interest payments. The interest rate you get at the time of closing is the fixed rate of interest you pay over the loan term.

Loan Limits:

The most well-known guideline is the size of the loan, which rises at $726,200 for 2023.

Conforming Loan Limits in Nevada:

  • One-unit property: $726,200
  • Two-unit property: $929,850
  • Three-unit property: $1,123,900
  • Four-unit property: $1,396,800

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