Finance
The maximum conforming loan limit for a single-family home (as set by FHFA and applicable in most NC counties) represents:
AThe maximum FHA loan amount
BThe maximum loan amount Fannie Mae and Freddie Mac will purchase, which changes annually✓ Correct
CThe VA loan limit
DThe maximum loan any NC bank may originate
Explanation
The conforming loan limit is set by FHFA and represents the maximum loan size Fannie Mae and Freddie Mac will purchase. Loans above this limit are 'jumbo' loans and have different underwriting requirements.
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