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general loan limits for 2018. The general loan limits for 2018 have increased and apply to loans delivered to Fannie Mae in 2018 (even if originated prior to 1/1/2018). Refer to Lender Letter LL-2017-10 for specific requirements. Maximum Loan Amount for 2018.
For counties where the VA maximum limit exceeds $484,350 (known as VA Jumbo Loans): Borrower has no money down on the maximum amount for the county limit as set by the VA. Borrower pays a 25% down payment only on the amount greater than the county limit set by the VA.
Loan amounts greater than the $679,650 are referred to as jumbo’ loans and carry stricter underwriting guidelines but sometimes lower rates. New loan limits for FHA and VA loans have not been.
In most counties across the country, the 2018 maximum conforming loan limit for a single-family home will be $453,100. That’s an increase of $29,000 from the 2017 baseline limit of $424,100. This marks the second year in a row that federal housing officials have raised the baseline.
In Bergen County, a jumbo loan scenario occurs when a person borrows more than the 2018 conforming limit of $679,650. While the income requirements are understandably higher for these larger loans, the rates can actually be lower for jumbo products.
Veterans should also note that standard VA purchase loan limits for 2018 will mirror the conforming loan limits above. The exception to this is the VA Jumbo mortgage, this program will permit loan amounts up to 1.5mil for qualified/eligible buyers. 2018 loan limits *fha floor nationally is set at 65% of the conforming loan limit and can vary by county.
The maximum conforming loan limits for Fannie Mae and Freddie Mac will rise in 2018.
Conventional Loan Limits 2018 Current Conforming Loan Limits. On November 27, 2018 the Federal Housing Finance Agency (FHFA) raised the 2019 conforming loan limit on single family homes from $453,100 to $484,350 – an increase of $31,250 or 6.9%. That rate is the baseline limit for areas of the country where homes are fairly affordable.
Effective November 2018 Sammamish Mortgage has expanded our high balance conforming loans to $726,525 regardless of the county loan limit. This allows our clients to avoid the tighter loan guidelines and higher rates and costs generally associated with Jumbo Loans including options with less than 20% down.
A jumbo loan is a mortgage that has a maximum loan amount above the conforming loan limit set by the Federal Housing Finance Agency (FHFA). In 2018, the jumbo mortgage limit for single family homes is any mortgage above $453,100 in most counties, but it can reach as high as $679,650 in others.