Conventional Mortgage Loans
A conventional mortgage is offered by a private lender such as Local Life Lending—rather than a government-sponsored enterprise, such as the Federal National Mortgage Association (commonly known as Fannie Mae) or the Federal Home Loan Mortgage Corporation (commonly known as Freddie Mac). Most of these are what’s known as “conforming,” as they still adhere to the Federal Housing Finance Administration’s (FHFA) loan limits and meet Fannie Mae and Freddie Mac's requirements. However, there is a subcategory of conventional mortgages called “nonconforming,” which is less standardized.
- Fixed Rate Mortgages
- Adjustable-Rate Mortgages (ARMs)
- Jumbo Mortgages
