The maximum conforming loan limits for Conventional, and VA loans are increasing for the 1st time in a decade. The increased loan limits will take effect on January 1, 2017.
General loan limits for most US counties will be $424,000 for single unit properties. High cost areas will see an increase to $636,150 for single units. Each county limit is published on FHFA's website: www.fhfa.gov. Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam and U.S. Vigin Islands.
FHA has also announced a loan limit increase to $275,665 for most areas with a ceiling amount of $636,150 in high cost areas. The FHA loan limit ceiling is set at 150% and floor is set at 65% of the national conforming loan limit of $424,100. Increased loan limits vary by state, county and number of units.
Higher loan amounts equal more purchasing power for home buyers. Please contact your Wallick & Volk mortgage professional for details.