Conventional Loans
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Conventional loans are typically those loans that can be purchased by either Fannie Mae (FNM) or Freddie Mac (FHLMC). Each of these quasi government agencies have similar guidelines with individual differences. They set loan limits on the maximum loan amount they will purchase for mortgage backed securities as well as the credit guidelines for the loans that they will purchase. Due to the failures in the system, both have tightened up their guidelines significantly over the last year. If you do not have rock solid credit, solid verifiable income and a decent downpayment with money to spare, this may be a tough loan to obtain. |
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