Loans that conform to Freddie Mac and Fannie Mae (Government Sponsored Entities) Guidelines are known as conforming loans. The maximum loan size in Michigan is $417,000. These loans must meet the standard criteria for these two GSE's.
An applicant seeking to borrow using a conforming loan generally has strong credit scores and a minimum of 5% down payment.
Loans are made for amortizations up to 30 years and for primary residences, second homes used for vacationing, and investment properties.