Jumbo (Non-Conforming) Loans: A mortgage loan that exceeds the amount that is acceptable by the government if the loan were to be resold (on the secondary market) to Fannie Mae and Freddie Mac.

In the lending world there are basically 2 types of loans for these properties - "Conforming" loans or "Portfolio" Loans.A "Conforming" loan is a loan governed by Fannie Mae and Freddie Mac (if you recognize those names).

.- Sometimes an appraiser will comment that the property is "legal non-conforming (grandfathered)" or something like that, and generally you are good to go.- Long gone are the days of cherry picked appraisers.

Hello all.  This is my very first post and would love to get some help from the BP community.  I'm looking at a legal 3-unit-multi-family deal with a 1-story-single-unit building in the front and a multi-floor-2-unit ...

Those loan types are more flexible than a "conventional, conforming" loan type. 

However, things have gone awry the past few days:The MLS listing states the property is a "non-conforming legal triplex."

Do extra DD with the town to make sure it's conforming and be sure to account for the extra utility expenses if they're not separately metered.If all else fails, ask for seller financing. 

Many are non conforming and will not qualify for FHA or conventional financing.Others may have a zoning variance on file, making them legal duplexes despite the zoning classification.

The most often one was 5 conforming mortgages, each with its own application.

I've started talking with First Mortgage, and I'll check with Flagstar and shop around for lower rates--seeking an outfit that makes the mortgage conform to Fannie Mae standards.