First of all: What is a conforming loan?
In the United States, a conforming loan is a mortgage loan that conforms to GSE (Fannie Mae and Freddie Mac) guidelines. The most well-known guidelines is the size of the loan, which as of 2013 was generally limited to $417,000 for single family homes in the continental US.
Ok, so what how does a buyer qualify for a conforming loan?
According to Peggy Fowler, Mortgage Specialist, Equity Resouces:
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