What does this mean to you, well many consumers were on the bubble for a long time. By that I mean being in a position where they needed to obtain a high balance loan and along with that a higher rate because the loan amount they were applying for was above the conforming limit. Now with the higher limits, many more borrowers will be in a position to obtain the lower priced conforming loans.
General Loan Limits for 2017
Maximum Original Principal Balance for 2017
|Units||Contiguous States, District of Columbia, and Puerto Rico||Alaska, Guam, Hawaii, and the U.S. Virgin Islands|
Maximum Loan Limits for High-Cost Areas for Mortgages Acquired in Calendar Year 2017
All but 87 counties (or county equivalents) will see a loan limit increase.
|Units||Contiguous States, District of Columbia+||Alaska, Guam, Hawaii, and the U.S. Virgin Islands|
*source Fannie Mae