Information about Mississippi conforming mortgages
In order to be considered a conforming loan, which costs less than a non-conforming loan, a loan sought by low- and middle income borrowers must meet specific criteria. Among the criteria are requirements for documentation, debt-to-income ratio limits, and limits on the amount of the loan. Freddie Mac and Fannie Mae are the federal agencies that provide support for these loans by providing liquidity to the secondary mortgage market. Loan amount limits are reviewed each year by the appropriate federal agency and very often change as a result of this review. If you’re interested, your Mississippi lender can explain the difference between non-conforming and conforming loans, qualification requirements, and current limits.
