This loan is best classify as a conventional mortgage loan.
This refers to a conforming loan which simply means that it meets the requirements for Fannie Mae or Freddie Mac.
This type of mortgages have a fixed rate of interest and means that the interest rate does not change throughout the life of the loan. Also, they are not guaranteed by the federal government and as a result have stricter lending requirements by banks and creditors.
In conclusion, the entities Fannie Mae and Freddie Mac are government-sponsored enterprises that purchase mortgages from lenders and sell them to investors.
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