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Conforming loan limits 2014

Conforming loan limits 2014

October 3, 2013


The Office of Federal Housing Enterprise Oversight (OFHEO) set the criteria on what constitutes a conforming loan limit that Fannie Mae and Freddie Mac can buy for 2014.

  • $417,000 Single Family
  • $533,850 Two Family
  • $645,300 Three Family
  • $801,950 Four Family 
  • $625,500 Single Family High Cost Area

A temporary increase in the Conforming Loan Limits for high-cost areas of living has been incorporated into the 2008 economic stimulus package. Congress has authorized an increase of the single family residences limits to the lesser of $729,750 or 125% of the median home value within the metropolitan statistical area (MSA). High-cost loans are only available through FHA loans.

Fannie Mae and Freddie Mac establish the maximum loan amounts.
Conforming loan limits 2014 are the same as 2013.

Agency Conforming loans, in the US, are loans that conform to the guidelines of the Government Sponsored Entities known as Fannie Mae and Freddie Mac. The eligible amount of financing for any loan is determined by factors specific to that Loan, including, but not limited to the following:

  • Type of financing
  • Loan-to-Value (LTV) ratio
  • Loan amount
  • Property type
  • Income determination

As of October 1, 2011, the general conforming limit is $417,000 and the high-cost area conforming limit is $625,500. The cap for high-cost conforming limits varies by county because the maximum loan amount is calculated to be 115 percent of the 2011 area median home price and is not to exceed $625,500, except in Alaska, Hawaii, Guam and the U.S. Virgin Islands, where the cap is 50 percent higher than the limits for the rest of the country.

What documentation will I need?

• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)

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Conforming loan limits 2014


Fannie Mae and Freddie Mac have several programs for first time home buyers with a low down payment.

  • My Community program requires a minimum down payment of 3%. The borrower’s income cannot exceed 100% of the annual HUD Area Median Income for the subject property’s location.
  • Home Possible® program requires a minimum down payment of 5%. First Time Home Buyers must participate in a home ownership education program. 40-year fixed rate Home Possible® mortgage.
  • Community Solution loans provide additional flexibilities for teachers/educational institution employees, firefighters, police, healthcare workers and military personnel.
  • HomeChoice loans offer borrowers with a disability or who have a family member with a disability who may need greater underwriting flexibilities, including non-occupying co-borrowers.
  • HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu.

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