Wednesday, December 14, 2016

General Loan Limits for 2017

The general loan limits for 2017 have increased and apply to loans delivered to Fannie Mae aka new lender in 2017 (even if originated prior to 1/1/2017). This is the first time the base loan limits have increased since 2006. 
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
UnitsContiguous States, District of Columbia, and Puerto RicoAlaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $424,100 $636,150
2 $543,000 $814,500
3 $656,350 $984,525
4 $815,650 $1,223,475

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.
UnitsContiguous States, District of Columbia+Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $636,150 $954,225
2 $814,500 $1,221,750
3 $984,525 $1,476,775
4 $1,223,475 $1,835,200

*source Fannie Mae