General Loan Limits for 2017
The general loan limits for 2017 have increased and apply to loans delivered to Fannie Mae in 2017 (even if originated prior to 1/1/2017). This is the first time the base loan limits have increased since 2006. Refer to Lender Letter LL-2016-05 for specific requirements.
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|
+A number of other states and Puerto Rico do not have any high-cost areas in 2017.
Note that the loan limits apply based on the original loan amount, rather than the unpaid principal balance (UPB).
Borrowers who wish to obtain a mortgage loan in an amount that exceeds the 2017 conforming limits still have options. When a home loan exceeds the caps set by the Federal Housing Finance Agency, it is referred to as a “jumbo” mortgage product, and it cannot be sold to Fannie Mae or Freddie Mac.
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Borrowers can qualify for an FHA loan with a down payment as little as 3.5%.