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Conventional mortgage loans are those mortgages that are not insured or guaranteed by the Federal Housing Administration, the U.S. Department of Veterans Affairs, or the U.S. Department of Agriculture and meet the Enterprises’ underwriting standards. Conforming mortgage loans have original balances below a specific threshold, set by law and published by FHFA, known as the “conforming loan limit.” For 2011, the conforming loan limit is $417,000 for most areas of the contiguous United Sates, although higher limits apply in specific areas.
- Browse Related Terms: Conventional Conforming Mortgage Loans, Emergency Home Finance Act of 1970, Federal Housing Enterprises Financial Safety and Soundness Act of 1992, Federal National Mortgage Association Charter Act of 1954 (Charter Act), Government National Mortgage Association (Ginnie Mae), Government-Sponsored Enterprise (GSE), Housing and Urban Development Act, Implied Guarantee, Loan Type, Private-Label Mortgage-Backed Securities (Private-label MBS), Private-Label Mortgages, Senior Preferred Stock Purchase Agreement (PSPA)