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
Fannie Mae conforming loan limits just changed in 2020:
- $510,400 for a 1 unit property.
- $653,550 for a 2 unit property.
- $789,950 for a 3 unit property
- $981,700 for a 4 unit property.
For some lenders, where the Fannie Mae conforming loan limits end the jumbo loan begins. The high balance nationwide mortgage allows balances for:
- 1 unit properties up to $765,600.
- 2 unit properties up to $980,325.
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
It is not necessary to check high-cost areas because of the high balance loan program for 1 to 2 units. Properties that are 3 to 4 units must be in a high-cost area to exceed conventional conforming limits, which are:
- $1,184,925 for 3 unit properties.
- $1,472,550 for 4 unit properties.
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%.
