Residential mortgage loan commitment letter with approved stamp imprint and house keys

Great News! On November 28, 2017, federal housing officials announced that the 2018 maximum conforming loan limit for one-unit (single family home) properties would increase from $424,100 to $453,100.

In 2017 the loan limit for a single family residence was $424,100… over that it was considered a jumbo loan.  We are now at $453,100!  Hopefully FHA will increase their limits too but so far no word on that.

Units              Loan Limit

1                      $453,100

2                      $580,150

3                      $701,250

4                      $871,450

https://www.fanniemae.com/singlefamily/loan-limits

Keep in mind a few things

  • Fannie and Freddie have 3% down programs… Freddie has income limits but there is a Fannie program with no income limits if you are a 1st time buyer..  That would mean they could buy a $467,100 home with only 3% down
  • VA follows the Fannie Limits so a buyer could buy a 0 down home up to $453,100
  • VA will allow loan amounts over the limit… the buyer just needs to put a down payment of 25% of the amount over the Fannie limit.
  • Jumbo guidelines are a bit more strict so buyers can buy a higher priced home now without going into the Jumbo market

Call us at 480.758.3070 or contact us online if you have any real estate questions, you’re interested in more information about buying a home or if you’re considering selling your home!

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