Northlawn Financial, Inc.

 

Non-conforming loans are those which do not conform to Fannie Mae (FNMA) and Freddie Mac's (FHLMC) guidelines, and are instead purchased by other investors. Non-conforming loans are sometimes referred to as Jumbo loans, which are those above the maximum loan amount limit (currently $359,650) established by Fannie Mae and Freddie Mac. Because non-conforming loans are bought and sold on a much smaller scale, they often have slightly higher interest rates than conforming loans. Non-conforming programs may also include Stated Income, No Income/No Asset, and No Ratio loans.