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.
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:
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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What's the minimum credit score needed to buy a house or refinance in Florida?
FHA loans require a minimum 500 credit score to buy a house or refinance
VA loans require a minimum 500 credit score to buy a house or refinance
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
USDA loans require a minimum 580 credit score to buy a houseor refinance
HomePath loans require a minimum 620 credit score to buy a house
HARP loans require no minimum credit score torefinance
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
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