Minnesota conforming mortgages
Providing liquidity to private lenders in the U.S. are the two federally chartered organizations called Freddie Mac and Fannie Mae. These organizations work with low- to middle-income individuals to help them achieve their homeownership goals. The primary way is through the conforming mortgage. Interest rates on conforming mortgages are lower than non-conforming loans. To qualify for a lower-rate conforming mortgage, a homeowner must meet certain standards. Among the standards is a maximum on the amount that can be borrowed. OFHEO or the Office of Federal Housing Enterprise Oversight annually reviews this limit and resets it when necessary. If you’re offered a non-conforming mortgage, it’s important you know the reason why. If homeownership can wait, consider taking time to improve your credit. That may improve your chances of obtaining a more favorable rate.
