Finance
Which of the following best describes a 'conforming loan' in South Dakota?
AA loan that conforms to FHA guidelines
BA loan that meets Fannie Mae/Freddie Mac purchase standards✓ Correct
CAny loan approved by the SDREC
DA loan with a fixed interest rate
Explanation
A conforming loan meets the underwriting guidelines and loan limits set by Fannie Mae and Freddie Mac, making it eligible for purchase on the secondary mortgage market.
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