County Loan Limits for Conventional and FHA Loans
For some mortgage companies, county loan limits can be lower due to not offering specific loan programs. In some cases, where the conventional conforming loan limit ends the jumbo loan begins. This article will go over:
- Fannie Mae conforming loan limits.
- Freddie Mac loan limits.
- FHA loan limits.
Fannie Mae Conforming Loan Limits
For most counties, Fannie Mae conforming loan limits just changed in 2022:
- $647,200 for a 1 unit property.
- $828,700 for a 2 unit property.
- $1,001,650 for a 3 unit property
- $1,244,850 for a 4 unit property.
Some counties allow for higher loan amounts. For some lenders, where the Fannie Mae conforming loan limits end the jumbo loan begins. Freddie Mac loan limits are like Fannie Mae.
Freddie Mac Loan Limits
Freddie Mac loan limits can be found on the Federal Housing Finance Agency’s website. They offer tools to search conforming loan limits in all counties:
Conforming Loan Limits – High-Cost Areas
The main advantage for the high balance conventional loan program is that you still can avoid the jumbo rate and get a conventional interest rate.
FHA Loan Limits
The U.S. Department of Housing and Urban Development makes it easy to look up FHA loan limits.
You can use their search tool to look up FHA or GSE mortgage limits by entering in the state, county, or Metropolitan Statistical Area. For loans that exceed FHA and conventional limits, jumbo portfolio loans are a great option while still offering a low down payment.
Jumbo Mortgage Options
Jumbo loans are considered portfolio loans. You may find that lenders guidelines vary. That is because they do not conform to Fannie Mae conforming loan limits, Freddie Mac loan limits, and FHA loan limits.
Jumbo loans have low down payment options starting at 5%.
