The Federal Housing Finance Agency (FHFA) has raised the maximum loan limits from $424,100 to $453,100 for 2018!
This means that you can now do a $0 down VA loan, FHA or Conventional loan up to $453,100 without it being a Jumbo Loan, and any loan amount over the $453,100 will now be a Jumbo Loan.
The Federal Housing Finance Agency (FHFA) has issued the maximum loan limits that will apply to conventional loans limits to be acquired by Fannie Mae in 2018. The first mortgage loan limits are defined in terms of general loan limits and high-cost area loan limits. The limits are increasing in 2018.
The most important are:
The Federal Housing Administration enforces specific loan limits for FHA loans and the Department of Veterans Affairs maintains specific loan limits for VA loans. Loans which exceed an FHA loan's loan limit cannot be insured and loans exceeding a VA loans local limit cannot be guaranteed.
Read more about Federal Housing Finance Agency announcement.
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Here is a link to Fannie Mae and Freddie Mac Maximum Loan Limits chart for the complete United States.
Non Conforming loans will not meet the stipulations set forth by Fannie Mae and or Freddie Mac, for example maybe the loan amount is over or the credit scores are a little to low or there is not enough income to qualify for a conforming loan.
There are many loan options avaliable for Non Conforming Loans. Also they will usually have a higher interest rate than Conforming Loans.
Conforming loans which exceed the local loan limit are commonly known as "Jumbo Loans" or "Super Jumbo Loans".
Eligibility requirements for Jumbo's are often more stringent and income and credit score requirements are often higher also.
Learn more about Jumbo Loans and Super Jumbo Loans.
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