Fixed Rate Mortgage

Conventional Fixed-Rate loans have terms and conditions that follow the guidelines set by the agencies, Fannie Mae and Freddie Mac. These guidelines establish the maximum loan amount as well as borrower credit and income requirements, down payment, and suitable properties. Each year, Fannie Mae and Freddie Mac announce new conforming loan limits, which, for 2013 is $417,000 for one unit properties in the contiguous state and $625,000 in Hawaii and Alaska. (Check with a loan originator for loan limits in high cost areas - contiguous states: $625,500, Hawaii & Alaska: $938,250)