Finance
A conventional conforming loan must not exceed what dollar limit (as of recent guidelines)?
A$417,000
B$510,400
C$726,200✓ Correct
DThere is no limit
Explanation
For 2023-2024, the conforming loan limit for most areas is $726,200 for a single-family home (higher in high-cost areas). Loans exceeding this limit are called jumbo loans.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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State-Specific Concepts
GREC Regulation
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