A borrower’s secured loan ‘s highest dollar limit. Set by the lender according to the purpose of securing the loan as well as various factors related to the borrower. The selected loan program, asset’s collateral value, and the borrower’s credit history are all factors in the loan-making decision. Different limits for different classes of borrowers exist. Conforming loans, conforming to Fannie Mae and Freddie Mac standards, are limited to the amount of $417,000 for mortgaging consumers.
Black’s Law Online Dictionary
