Conforming loans have standard lending industry guidelines set by
Fannie Mae and Freddie Mac, two agencies you may have heard about
in newspapers or on TV.
Conventional loans of larger than conforming amounts are called
jumbo or nonconforming loans. In most cases, jumbo loans have slightly
higher interest rates than conforming loans.
The word "subprime" is lending industry terminology for home financing
programs that accommodate borrowers with special qualifying factors,
including poor credit histories.
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