Conventional And Jumbo Loan Limits Change In 2017
Providing some financial help for high-cost areas, the upper limit for FHA, conforming mortgages and jumbo mortgages has increased in 2017.
The U.S. Department of Housing and Urban Development set loan limits for 2017 with 2,948 counties getting increased loan limits, 286 counties having limits remain the same, but no areas seeing a decrease in the maximum loan limits. Federal Housing Administration (FHA) loans and “conforming” loans from Freddie Mac and Fannie Mae are covered by these limits.
The 2017 limits are equal to the greater of 115% of the local-area median home price or $275,665 (was $271,050 in 2016) for FHA and $424,100 (was $417,000 in 2016) for Fannie and Freddie—except for designated high-priced areas. The upper limit for high-priced areas has increased from $625,500 to $636,150. These limits are set to expire December 31, 2017.
To find out about our local loan limits or the limits where you are interested in buying or refinancing, just give us a call and we’ll refer you to a local lender.
Will I Qualify For A Loan?
If you’re concerned you might not qualify for a home loan, you’re not alone, but there’s no reason to avoid finding out the true situation by contacting a lender.
There are many hurdles that you might think you have to overcome to quaify for a home loan. Perhaps you don’t think you have enough cash saved up for a down payment or maybe you don’t have a long work history. If you’re just starting out or faced some financial setbacks, you might have a less-than-stellar credit score or a lot of debt from student loans, car payments, credit cards, etc. If any of these situations describe you, don’t despair. None of the above situations on their own will automatically disqualify you.