Conforming Loan Limits Remain the Same
Realtors across the country welcomed news from the Federal Housing Finance Agency (FHFA) last week that current conforming loan limits will remain in effect until further notice. Mortgage and real estate professionals have been debating how an increase might affect the market for months. If the FHFA would have reduced the loan limits for Fannie and Freddie loans, borrowers might have been forced into higher-priced loans, aka jumbo loans, which contain higher rates and higher associated fees.
Conforming Loan Limits
A conforming loan limit is the maximum size for loans that can be purchased by government-sponsored enterprises Fannie Mae or Freddie Mac. Maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac will remain at $417,000 for one-unit properties in most areas of the country. For a complete list of maximum conforming limits for 2014 click here (Excel document).
High-Cost Area Limit Increases
2014 high-cost area loan limits have increased for 18 counties due to a high-cost area adustment or moving into a high-cost area. The high-cost area loan limits are established for each county and published on Fannie Mae’s website here.
Inlanta’s mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.
About Inlanta Mortgage
Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. The company has grown to 30 branches in 16 states and over 220 employees. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.