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    • Loan Limits Moving Up Up Up for 2018

      Did you know that maximum loan amounts for both FHA and Conventional loans went up?

      It’s been recently announced that FHA is raising their loan limits on their Standard Base Loan Amount from $275,665 to $294,515 and Conventional loan limits moved from $420,100 to $453,100  That’s an increase of 7% and 6% respectively.  In many High Cost Areas these limits are even higher. Personally, I think the FHA loan limit change will be particularly impactful.

      For the past couple years, it’s been difficult for some of my FHA borrower clients to purchase New Construction without having to come up with more than just the minimum 3.5% down payment to make the base loan amount fit in previous loan limit requirements.

      This new change for FHA will allow for buyers of property to purchase at the price of $305,196 and still only put 3.5% down.  Conventional Loan Limit changes will also affect VA loan limits, pushing their Zero Down mortgages to a matching limit of $453,100.