FHA, VA, and Conventional mortgage loan limits September / October 2011

Mortgage and Lending with Nick Pakulla Mortgage Team Maryland, Virginia, District of Columbia NMLS#: 728211

September 30th and October 1st are important in our industry as several government loan limits are set to change:

  • Conventional Fannie Mae loan limits will be changing,
  • FHA mortgage loan limits will be changing, and
  • VA loan limits will not be changing yet, however, VA funding fees will be changing


Fannie Mae loan limits: https://www.efanniemae.com/sf/refmaterials/loanlimits/xls/loanlimref.xls


Use the above referenced table to check the Fannie Mae loan limits.  Additionally, if your home purchase is affected by the loan limits going down utilize our bank’s second trust mortgage to allow you to purchase your home above the loan limits with as little as 10% down.  See my 80/10/10 second mortgage blog post and an article in the Wall Street Journal referencing our bank



FHA loan limits https://entp.hud.gov/idapp/html/hicostlook.cfm


The FHA loan limits will also generally follow the change in the Fannie loan limits, but you can search by state via the link above.



VA Loan limits http://www.benefits.va.gov/homeloans/loan_limits.asp


The maximum guaranty for VA guaranteed loans closed October 1, 2011 through December 31, 2011 will remain unchanged. The Veterans’ Benefits Improvement Act of 2008 provided a temporary increase in VA loan limits for loans closed January 1, 2009 through December 31, 2011. Because of this legislation, VA loan limits will remain the same for the remainder of the calendar year. Please note that VA does not have a maximum loan amount. Loan limit refers to the maximum loan a lender could make and still receive a 25% guaranty from VA, assuming the veteran has full entitlement.


VA Funding Fee Changes

VA Funding fees going down: http://activerain.com/blogsview/2514838/va-funding-fee-changes-going-down-effective-october-1st

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Nick Pakulla / Loan Officer / NMLS# 728211 / First Place Bank Mortgage - A Division of Talmer Bancorp / 15400 Calhoun Drive, Rockville MD 20855 / 301.585.7283 / http://www.nickhomeloan.com

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Phil Hillerman
Crye-Leike Realtors® - Rogers, AR
Crye-Leike Realtors®

Good Morning Nick, Thank for the update on the current changes to government loans.  Have a great weekend.

Oct 16, 2011 10:23 AM #1
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