Non conforming loan refers to that loan which does not meet the loan limits set by Fannie Mae (The Federal National Mortgage Association or FNMA) or Freddie Mac (The Federal Home Loan Mortgage Corp or FHMLC). It is also known as a Jumbo loan.

Features:

1. It is an opposite of conforming loan.
2. It exceeds the maximum conforming loan limit of $300,700 for a one unit of property.
3. The maximum loan amount is adjusted annually by Fannie Mae or Freddie Mac.
4. It is a conventional loan without government guarantees.

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