Finance
In Michigan, which of the following describes a 'conforming loan'?
AAny loan approved by a Michigan court
BA loan that meets Fannie Mae/Freddie Mac guidelines, including maximum loan limits✓ Correct
CA loan for properties in conforming zoning districts
DA loan with a fixed interest rate
Explanation
A conforming loan meets the guidelines set by Fannie Mae and Freddie Mac, including maximum loan limits (which vary by county in Michigan), underwriting standards, and property requirements, making it eligible for secondary market sale.
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