Conforming Mortgage Limit Calculator
Fannie Mae, Freddie Mac and the Federal Housing Finance Agency (government-sponsored enterprises) set conforming loan amount limits that apply to all lenders. You will typically receive the lowest interest rate for your mortgage if the loan amount is below the conforming mortgage limit for your county. Input your state, county and number of units in the property to determine the conforming mortgage limit in your area
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What Borrowers Should Know About the Conforming Loan Limit
How the Conforming Loan Limit Affects Your Mortgage
The interest rate you pay on your mortgage as as well as other factors such as borrower qualification requirements and mortgage program eligibility depend on the amount of your mortgage. If your loan amount is below the conforming mortgage limit, you usually receive a lower interest rate, the lender applies more flexible borrower qualification requirements and you are eligible for most low down payment mortgage programs. If your loan amount is above the conforming loan limit you usually pay a higher interest rate, the lender uses more conservative borrower qualification requirements and you may not be eligible for certain low down payment mortgage programs.
Who Sets the Conforming Loan Limits?
The government sets the conforming mortgage limits and there is general limit for moderate cost areas and another limit for high cost areas with higher home prices. If your loan amount is below the general conforming mortgage limit it is called a conforming loan. If your loan amount is in between the general conforming mortgage limit and the high cost conforming loan limit it is called a conforming jumbo mortgage. If your loan amount is above the high cost conforming mortgage limit it is called a non-conforming jumbo mortgage or jumbo loan for short.
Conforming Loan Limits Vary by County
Conforming mortgage limits vary by county and by the number of units in the property being financed with single unit properties having the lowest loan limits. There is one set of mortgage limits for the 48 contiguous United States, Washington D.C. and Puerto Rico and a higher set of loan limits for Alaska, Hawaii, Guam and the U.S. Virgin Islands. In the contiguous U.S., Washington D.C. and Puerto Rico, the conforming mortgage limit for a single unit property such as a home or condominium ranges from $424,100 to $636,150 in high cost counties. Generally speaking, lenders refer to $424,100 as the conforming loan limit. The conforming mortgage limit for a four unit property ranges from $815,650 to $1,223,475 in high cost counties. In Alaska, Hawaii, Guam and the U.S. Virgin Islands, the conforming mortgage limit for a single unit property ranges from $636,150 to $954,225 in high cost counties and for a four unit property the conforming loan limit ranges from $1,223,475 to $1,835,200.
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