If you're in the process of shopping for a mortgage, you may come across the term "conforming loan." A conforming loan is one that's backed by Fannie Mae and Freddie Mac, the two government-sponsored entities that purchase mortgage loans and help make them more affordable for borrowers in the process. This year, the limit for conforming loans is $548,250 in most of the U.S. In high-cost areas of the country, it's $822,375.
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