Conforming Mortgage Silver City NM

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

Bank of America Banking Center
(505) 388-1903
1203 N Hudson St
SILVER CITY, NM
Services
Mortgage Brokers

Acordia Mountain West
(505) 388-1555
1380 Highway 180 E
Silver City, NM
 
Wells Fargo - Silver City Main
(575) 956-1501
1201 N Pope St
Silver City, NM
Type
Branch
Office Hours
Mon-Fri 09:00 AM-06:00 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Wells Fargo Home Mortgage
(505) 538-0027
12 Pope
SILVER CITY, NM
Services
Mortgage Brokers

Bank of America
(575) 388-1903
119 W. 11th Street
Silver City, NM
Type
Banking Center

Bank of America - Grant County
(575) 388-1903
1203 N. Hudson St.
Silver City, NM
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits
Outdoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Drive Up, Deposit Image
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-4
Tuesday 9-4
Wednesday 9-4
Thursday 9-4
Friday 9-5
Saturday 9-12
Sunday Closed

Hometown Mortgage of New Mexico
(505) 534-2945
212 East 12th Street
SILVER CITY, NM
Services
Mortgage Brokers

Gold Star Mortgage
(505) 388-2288
2105 Memory Lane
SILVER CITY, NM
Services
Mortgage Brokers

Raymond James Financial Services
(505) 388-3121
1st Nm Bank
SILVER CITY, NM
Services
Mortgage Brokers

Ambank
(505) 534-0550
610 Silver Heights Boulevard
SILVER CITY, NM
Services
Mortgage Brokers

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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