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.

First-Time Homebuyer Success

First-Time Homebuyer Success

Embarking on the journey of purchasing your first home is a thrilling and sometimes daunting experience. As a first-time homebuyer, you may face challenges ranging from understanding financial jargon to navigating the complexities of the housing market. However, with...

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