What Is a Non-Conforming Loan?
A Non-Conforming Loan is a mortgage that does not meet the guidelines established by Fannie Mae and Freddie Mac. These government-sponsored enterprises, or GSEs, were created by Congress to purchase mortgages from lenders in order to promote liquidity, affordability, and stability in the home loan market.
Among the guidelines set forth by Fannie Mae and Freddie Mac is a lending limit for home loans, which is currently $424,100 in most U.S. counties. If a lender chooses to issue a mortgage for more than this amount, the GSEs will consider it non-conforming and therefore will not purchase it.
The Bank of Internet USA Advantage
Without the restrictions of GSE guidelines, the mortgage specialists of Bank of Internet USA have greater flexibility to tailor a mortgage solution that meets your unique financial needs. We offer competitive mortgage rates on a wide selection of Non-Conforming Loans, including fully customized Portfolio Loans and Interest-Only Mortgages. Alternatively, if you currently have a Non-Conforming Adjustable Rate Mortgage, you may be able to save money in the long term by converting to a Fixed Rate Mortgage.
Ultimately, whether you’re considering buying a home or refinancing your current mortgage, you're placing your trust in experienced hands with Bank of Internet USA. As the premier Non-Conforming Mortgage lender in the nation, we have the resources and knowledge to pair you with precisely the right loan for your home financing needs.