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 to know if it is the right time to refinance your mortgage
Refinancing your mortgage can be a strategic financial move, potentially saving you money and offering various benefits. However, determining the right time to refinance requires careful consideration of several factors. In this blog post, we'll explore key indicators...
The Weekend Update – December 30, 2023
What are the different types of mortgages in Nebraska?
Nebraska, with its amazing small towns and vibrant communities, serves as a desirable destination for many people looking to settle down and buy a home. However, navigating through the intricate world of mortgages can often feel overwhelming. With various types of...
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.