A. The word conforming is a commonly used term in the mortgage industry. Basically what it means is that there are two different loan limit types, a conforming and non-conforming loan. These mean that when the loan is within a certain dollar amount then it is conforming. If it exceeds the conforming amount then it is considered non-conforming.
A. In most cases yes they do. The banks have adjustments that are either added or subtracted to a loan when it comes time to determining the interest rate. Consult with your loan professional if you are still in the process of looking for a home and you are concerned about rates for different size loan amounts. You may either want to find a home that is les money to buy or may want to consider putting some more money down if the loan is non-conforming. This way you can turn the loan into a conforming loan and may be able to get a lower interest rate.
A. This is a question that may be better answered by visiting www.hud.gov. Each state has changed or raised there loan limits, this website will be able to assist you.