Conforming loan limits 2016
Conforming loan limits 2016 - 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 2016.
- $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.
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
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 - conforming loan limits 2016.
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Conforming loan limits
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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