Maximum loan Amount?

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This topic contains 2 replies, has 3 voices, and was last updated by  Nelsont 1 week, 5 days ago.

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  • #59019

    firmeh89
    Member

    Is there a maximum loan amount that you can get approved for or does it only come down to 31% of your gross income?

    #59020

    Peapod0609
    Member

    Hi @firmeh89

    Yes, according to the website there are conforming loan limits to consider:

    “Your purchase price plus any repair escrow funds (i.e. for repairs to be completed after closing) cannot exceed your approved Maximum Mortgage Amount or the current conforming loan limits. The current limits are $484,350 for a single family home in most areas and $726,525 in high cost areas with considerably higher amounts for multi-family properties.”

    It is higher with multi-family properties, the link below gives the limits for those.

    https://www.fanniemae.com/singlefamily/loan-limits#

    #59022

    Nelsont
    Member

    Anything above the guidelines set by Fannie mae Freddie mac the banking industry calls a jumbo loan. Naca does not work with jumbo loans.

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