Conventional home loan limits are once again increasing for Fannie Mae and Freddie Mac backed conventional mortgages. The new loan limits are $484,350, up from the current limit of $453,100.
This increase also carries over to VA home loans, meaning that the base VA loan limit is now also $484,350 to qualify for a home loan with a 0% down payment.
What this means is that for someone looking to purchase a home with just a 5% down payment, they can now purchase a home up to $510,000, using a conventional loan.
For someone looking to purchase a home with (0 comments)
When purchasing a home, it is important to keep in mind that large unidentified deposits (cash or otherwise) can potentially cause an issue. That is because lenders will want to know that funds being used for down payment were not “borrowed” or obtained in a way that would make them ineligible to be used to for down payment or closing costs on a home.
Conventional Loans – On a Conventional loan if you have unidentified deposits into a bank account equal to more than 50% of your gross monthly income, they will need to be documented (1 comments)
When it comes to financing the purchase of a new home, the conventional home loan is one of the most popular options. In this article we will address some of the basics that any home buyer looking to purchase a primary home with a conventional loan, should know.
Loan Type: When someone discusses a conventional home loan, they are generally referring to a Fannie Mae or Freddie Mac backed loan with a conforming loan limit.
Loan Amounts: The conforming loan limit for a conventional home loans currently sits at $417,000 in most areas of the country, except (0 comments)