Non-conforming loans are
loans that do not conform to the guidelines set forth by Fannie Mae or
Freddie Mac. Non-conforming Loans consist of Jumbo loans (exceeding
the conforming loan limit), inadequate credit history or derogatory credit,
not enough income, home equity or home improvement loans, credit lines,
and second mortgages to name a few.
If the loan you're applying
for a has some of the above charistics, you're probably applying for a
Non-Conforming
Loan. A Non-Conforming Loan can also be a Conventional
loan. If you're uncertain what to enter, you may leave the field
blank.
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