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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FHA loans

FHA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

VA loans

VA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

Fannie Mae

Fannie Mae loans require a minimum 620 credit score to buy a house or refinance

620 credit score

USDA loans

USDA loans require a minimum 580 credit score to buy a houseor refinance

580 credit score

HOMEPATH

HomePath loans require a minimum 620 credit score to buy a house

620 credit score

HARP refinance

HARP loans require no minimum credit score torefinance

No minimum credit score

Freddie Mac

Freddie Mac loans require a minimum 620 credit score to buy a house or refinance

620 credit score

Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.

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