Conforming loans can be resold in the secondary market due to the fact
that they meet nationally accepted underwriting criteria established
by national secondary market investors, primarily Fannie Mae (FNMA)
and Freddie Mac (FHLMC). This criteria includes down payment amounts,
maximum loan amounts, property specifications, borrower income
requirements and credit guidelines. Due to the im****tance of being
able to liquidate real estate investments (loans) in the event of a
financial problem, the trend for lenders is to obtain loans that meet
secondary market standards.
The conforming loan limit in California for a single family home is
$240,000, for two family homes - $307,000, for three family homes -
$371,200, and for four family homes - $461,350. For five or more
residential dwellings, see COMMERCIAL LOANS.
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