Conforming Loans

The Conforming limit is a mortgage amount set by Congress and is the maximum loan size eligible for purchase by either Fannie Mae or Freddie Mac.

Conforming Loans

Conforming loans are traditional loans that require 5% down and offer competive interest rates. Documentation and fair-to-good credit are necessary. Loan limits go up to $417,000 for a Conforming Loan. Any loan amount above that figure is considered a Jumbo loan and is often subject to an interest rate pricing premium as well as to some additional underwriting restrictions. A common strategy to lower overall interest costs if your purchase or refinance balance is above $417,000 is to use a combination of both first and second trust money, referred to as an 80/10/10, 80/15/5 or 80/20. Every situation is different, but it is one more option to consider.

Phoenix Arizona Mortgage Loans offers you the ability to qualify and to accommodate borrowers with non traditional income or asset situations.

Many clients are converting from fully amortizing payments to an interest only approach with a significantly lower monthly payment. Call Phoenix Arizona Mortgage Loans to qualify.

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