A conforming loan is a mortgage loan that conforms to GSE (Fannie Mae and Freddie Mac) guidelines. The most well-known guideline is the size of the loan, which, for 2020 is $510,400 and is higher in many areas, including the following in Virginia MSAs:
Richmond MSA $535,900
Northern VA (DC Metro) $765,600
Loan limits are higher for 2-4-unit properties.
Conforming loans are considered conventional loans and note rates may be fixed or adjustable. Conventional loans are the most popular as they do not typically have income restrictions are have great rates.