non-conforming loan

Definition of "non-conforming loan"
  1. A loan that does not meet the guidelines set by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, often called a jumbo loan
How to use "non-conforming loan" in a sentence
  1. She was unable to secure a conventional mortgage due to its classification as a non-conforming loan.
  2. Their purchase of an upscale townhouse was made possible by a non-conforming loan.
  3. For luxury properties, a non-conforming loan is often used because the amount exceeds typical lending limits.

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