Conforming Mortgages
Our mortgage specialists are experienced in providing both conforming and conventional mortgage loans and can help you with finding the perfect home mortgage. Conforming loans limits are set each year and are based on the area in which you live. We can help you determine if you are eligible for a conforming loan and if not offer you options that may include applying for a conforming loan and a second loan to cover the difference. Loans that are beyond the maximum loan amount are considered a jumbo loan.
If you have any question please do not hesitate to contact one of our mortgage specialist by phone at (518) 452-4700 or contact us by email.
What is a Conforming Mortgage?
Conforming Mortgage is defined by both the size of the loan and the down payment required. A conforming loan falls under a specified loan amount set by one of two Government Sponsored Enterprises: Fannie Mae and Freddie Mac. If the price of your home you wish to buy is over that amount is considered to be a jumbo loan.
The Federal National Mortgage Association known as Fannie Mae and the Federal Home Loan Mortgage Corporation or Freddie Mac were created by congress to support the secondary mortgage market, and are backed by the US Government.
Guidelines that Freddie Mac has set for conforming mortgage amounts.
- One-family loans: $417,000
- Two-family loans: $533,850
- Three-family loans: $645,300
- Four-family loans: $801,950
First Mortgages
- $208,500
- In Alaska, Hawaii, Guam, and the U.S. Virgin Islands: $312,750
Second Mortgages
Information Last updated 3/7/08
Due to the wide variety of mortgage programs available, not all products are listed here. Please call us at (518) 452-4700 or complete our contact form so that we may have the opportunity to serve you better.