This term applies to lots, structures, or uses of land or structures that are unlawful, but which were lawful before passage of a specific ordinance. When non-conforming lots, structures or uses are allowed to remain, they are referred to as being "grand-fathered".
A loan with a mortgage amount that exceeds that which is eligible for purchase by FNMA or FHLMC. All other loans above this amount are considered to be non-conforming or jumbo loans.
A loan that is not eligible to be purchased by Fannie Mae or Freddie Mac.
Also known as jumbo loans. Loans that are above the loan limits set by the Department of Housing and Urban Development (HUD). Currently any loan over $417,000 is considered jumbo.
A mortgage loan that does not conform to regulatory limits such as loan-to-value ratio, term and other characteristics.
A product outside manufacturing limits but not necessarily defective.