“I know rates are lower if you get a conforming loan. What is that exactly?”
Answer:
Usually when people mention conforming loans, they’re talking about loans that conform to the FNMA (Fannie Mae) guidelines and loan limits.
Here are the FNMA loan limits for San Diego for 1-4 units:
1 Unit = $417,000 (single family, e.g. house, condo)
2 Unit = $533,850 (duplex, 2 units) 3 Unit = $645,300 (triplex, 3 units)
4 Unit = $801,950 (fourplex, 4 units)
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