MAXIMUM LOAN AMOUNT
\mˈaksɪməm lˈə͡ʊn ɐmˈa͡ʊnt], \mˈaksɪməm lˈəʊn ɐmˈaʊnt], \m_ˈa_k_s_ɪ_m_ə_m l_ˈəʊ_n ɐ_m_ˈaʊ_n_t]\
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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.
By Henry Campbell Black
Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).