Conforming Mortgage Sheridan WY

Looking for Conforming Mortgage in Sheridan? We have compiled a list of businesses and services around Sheridan that should help you with your search. We hope this page helps you find Conforming Mortgage in Sheridan.

Sheridan State Bank
(307) 672-0705
29 N Gould
Sheridan, WY
 
Cowboy State Bank
(307) 655-2291
515 Dayton St5Eet
Ranchester, WY
 
Cowboy State Bank - Sheridan
(307) 673-4456
951 Coffeen Avenue
SHERIDAN, WY
Services
Mortgage Brokers

Citifinancial
(307) 672-3451
804 Coffeen Avenue
SHERIDAN, WY
Services
Mortgage Brokers

Wilcox Abstract And Title Guaranty Agency Inc
(307) 672-0768
307 West Burkitt Street
Sheridan, WY
 
First Interstate Bank Wy
(307) 674-5811
1613 Coffeen Avenue
Sheridan, WY
 
Sheridan County Title Insurance Agency
(307) 672-6478
23 South Main Street
Sheridan, WY
 
First Federal Savings Bank
(307) 672-0464
46 W Brundage St
Sheridan, WY
 
First Interstate Bank Wy
(307) 674-7411
4 S Main St
Sheridan, WY
 
Wells Fargo - Sheridan Albertsons
(800) 869-3557
1865 Coffeen Ave
Sheridan, WY
Type
In-Store Branch
Office Hours
Mon-Fri 09:00 AM-06:00 PM
Sat 09:00 AM-02:00 PM
Sun Closed

What is a Conforming Mortgage?

Answer:
A conforming mortgage is a home loan that meets

the requirements set by either Freddie Mac or Fannie Mae . Once a mortgage company or bank finalizes a home loan, the majority of these loans are sold to a secondary mortgage market. The two agencies that buy a large bulk of mortgages are Freddie Mac and Fannie Mae; thus, these two agencies set the guidelines for most mortgage loans.

With a conforming mortgage loan, Freddie Mac and Fannie Mae ascertain a maximum loan amount, minimum income and credit requirements, and down payment requirements. The maximum loan amount on a conforming mortgage adjusts annually. This is necessary to accommodate rising property values or inflation.

In 2007, Freddie Mac and Fannie Mae set the loan limit at $417,000 for a one-family residence, and $533,850 for a two-family residence. Borrowers who choose a conventional mortgage loan can acquire a conforming loan up to these limits. In some instances, the median home price in many cities is higher than the maximum limit set forth by the secondary mortgage markets. Likewise, some homebuyers prefer a more expensive home. To acquire a higher purchase amount, borrowers can obtain a conforming loan for the maximum amount and a second mortgage for the excess or a single loan known as a Jumbo Loan  .

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