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.
How do I qualify for an FHA loan in Nebraska?
FHA loans offer many benefits for homeowners. Traditionally, an FHA loan will have more forgiving guidelines than conventional loans. This allows borrowers with higher debt to income and lower credit scores to qualify. Common FHA Misconceptions There are several...
2022 Year in Review and What is Next for Interest Rates and Real Estate
This year has been a year for the record books! The market shifted quickly after two years of record-low interest rates and rising home prices. As you can see from the chart below, the average 30-year rate started at 3.39% and briefly topped 7% in October and early...
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