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Conventional Mortgages


Conventional mortgage is a term which essential means the loan is not a government loan, like an FHA loan or a VA Loan.

Conforming conventional means the loan conforms to Fannie Mae or Freddie Mac underwriting guidelines.

Many of these terms are incorrectly used as interchangeable.

Fannie Mae

Federal National Mortgage Association (FNMA). Fannie Mae is a congressionally chartered, shareholder - owned company that buys mortgages from lenders and resells them as securities on the secondary mortgage market.

Freddie Mac

Federal Home Loan Mortgage Corporation (FHLMC). Freddie Mac, just like Fannie Mae, does not make home loans directly to consumers, rather they buy mortgages from lenders and sell them as securities on the secondary mortgage market.