Why are there home loan limits?
The Federal Housing Finance Agency (FHFA) oversees Fannie Mae and Freddie Mac. To conform to the guidelines allowed on Fannie and Freddie loans, the loans have a limit on the loan amount. Every year they evaluate the appreciation seen nationally and adjust their loan limits accordingly.
Beginning in 2006, during the start of the real estate crash, the single-family limit was $417,000 for a conventional loan. This stayed the same until 2016 when they finally began to increase. The increase in conventional loan limits has allowed more flexibility and loan options for borrowers who would otherwise have to use jumbo, non-conforming loans to qualify.
What are the 2023 Conventional Loan Limits?
| Units | Contiguous State, DC, and Puerto Rico | Alaska, Guam, Hawaii, and the US Virgin Islands |
| 1) | $726,200 | $1,089,300 |
| 2) | $929,850 | $1,394,775 |
| 3) | $1,123,900 | $1,685,850 |
| 4) | $1,396,800 | $2,095,200 |
What are the 2023 FHA Loan Limits?
FHA loan limits are based on conventional loan limits. FHA limits are set at 65% of the conventional limits for Low-cost Areas. All counties in Nebraska are covered under the Low-cost Areas.
| Units | Nebraska Counties |
| 1) | $472,030 |
| 2) | $604,400 |
| 3) | $730,525 |
| 4) | $907,900 |
What are the 2023 VA Loan Limits
Beginning in 2020, if the veteran has full entitlement, there is no loan limit from VA. The lenders will set the loan limits. A standard limit by Capital City Mortgage’s lending partners is $4,000,000. This will cover nearly every house in the State of Nebraska.
What are the 2023 USDA Rural Development Loan Limits?
USDA loan limits for the counties in Nebraska will be $336,500. In addition to loan limits, USDA also has a maximum household income limit.
Trigger Leads 101: What They Are and How to Make Them Stop
A trigger lead is a type of marketing lead sold by credit bureaus to lenders and mortgage companies. When someone applies for a mortgage and their credit report is pulled, it can act as a "trigger" for the credit bureaus to sell that consumer’s information as a lead...
Unlocking Savings: Why Brokers are Key to Lower Mortgage Costs
In the ever-evolving world of mortgage finance, finding the best deal is paramount for homebuyers. The 2024 Channel Study, conducted by Polygon Research for United Wholesale Mortgage and Willow Canyon Advisors, sheds new light on why working with a broker,...
How Private Mortgage Insurance (PMI) Can Be Your Greatest Tool for Building Wealth
When you think of Private Mortgage Insurance (PMI), your first reaction might be a sigh of frustration. After all, it’s an extra cost added to your monthly mortgage payment. But what if I told you that PMI could actually be one of the most powerful tools in your...
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.