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.
From Dreaming to Reality: How to Budget for Your First Home
Buying your first home is a big step in life and can be a little overwhelming. You've been dreaming of owning your own home for years, but now it's time to make it a reality. One of the most important aspects of buying a home is budgeting. Without careful planning and...
Should I get a home warranty when buying a new home?
Buying a new home can be an exciting and overwhelming experience, especially for first-time buyers. You want to ensure that your investment is protected, and one option many new homeowners consider is purchasing a home warranty. Home warranties cover the cost of...
6 Common Homebuying Mistakes to Avoid at All Costs
Buying a home is a big decision, and it's easy to get overwhelmed by the process. From finding the perfect neighborhood to securing financing, there are a lot of moving parts to consider. Unfortunately, many homebuyers make costly mistakes that can impact their...
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.