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Read MoreContents Purchasing limit set Libor arm (3/1 12 consecutive months; borrower Fits underwriting guidelines set A non-conforming mortgage is a term in the United States for a residential mortgage that does not conform to the loan purchasing guidelines set by the Federal National Mortgage Association /Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac). Mortgages which are non-conforming because they have a dollar amount over the purchasing limit set by FNMA/FHLMC are often called "jumbo. CONVENTIONAL UNDERWRITING GUIDELINES Conforming Loan Amounts FNMA DU ONLY libor arm (3/1, 51, 7/1,…
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