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Loan Limits Will Increase for Conventional and FHA Loans in 2017
The conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac will increase from $417,000 to $424,100 for one-unit properties. The loan limit for one-unit homes in designated high-cost areas will increase to $636,150.
The new loan limits affect mortgages originated on or after January 1, 2017.
The limit on two-unit properties will increase to $543,000, three-unit properties will increase to $656,350, and four-unit properties increase to $815,650. These new loan limits apply to the lower 48 states, the District of Columbia and Puerto Rico. Higher amounts are in effect for Alaska, Guam, Hawaii, and the U.S. Virgin Islands.
A list of the 2017 maximum conforming loan limits for all counties and county-equivalent areas in the country can be found here.
It was also recently announced that FHA loan limits for one-unit properties will increase to $636,150 in high-cost areas and $275,665 in low-cost areas. All of the new FHA loan limits can be found here.
Loan limits are calculated on a yearly basis.
If you would like to learn more about how these changes might affect your customers, please call me today.
– See more at: http://www.myprospectmortgage.com/JLovrek/