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The are a few times of home loans a buyer can qualify for. Which loan type will depend on your situation. The type of loan can also be determined by a specific property.
For example, if you are interested in a certain home, but it is not FHA eligible due to its condition, then the home buyer may need to consider changing the loan type to conventional.
Of course, going conventional will depend on the home buyer qualifying for a conventional loan with the minimum down payment.
A conforming loan abides by the terms and conditions set forth by Freddie Mac and Fannie Mae. This sets the first mortgage at $417,000 or less.
Although a non-conforming loan does not meet the qualifications of Freddie Mac or Fannie Mae, they are still considered conventional loans.
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Office: (505) 730-8181
P.O. Box 27312
Albuquerque, NM 87125