Finance
In Hawaii, what is a 'non-conforming loan'?
AA. A loan for properties that don't conform to building codes
BB. A mortgage that does not meet Fannie Mae/Freddie Mac purchase standards, typically due to size (jumbo) or other criteria✓ Correct
CC. A loan for non-conforming land uses
DD. A loan that cannot be refinanced
Explanation
A non-conforming loan doesn't meet the standards for purchase by Fannie Mae or Freddie Mac, most commonly because it exceeds the conforming loan limit (jumbo loan).
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