Conforming Loan Limit Calculator
Our Conforming Loan Limit Calculator enables you to find the loan limit for any county in the United States. Fannie Mae, Freddie Mac and the Federal Housing Finance Agency (FHFA) set conforming mortgage limits that apply to all lenders. You typically receive the lowest mortgage rate if your loan amount is below the mortgage limit for your county. Many no or low down payment programs also require that your mortgage amount not exceed the conforming loan limit in the county where the property being financed is located.
Loan limits vary by county and the number of units in the property, up to four units. Counties with more expensive housing costs have higher limits and counties with lower costs have lower limits. Single unit properties have the lowest conforming loan limit and four unit properties have the highest limits. Enter your state, county and the number of units in the property into our Conforming Loan Limit Calculator to determine the loan limit in your area.
The conforming loan limits are evaluated every year and usually change depending on fluctuations in the housing market and cost of living. For example, if housing prices increase significantly over the course of a year, then the loan limits are usually raised the following year. New loan limits go into effect in January of a given year. We update our Conforming Loan Limit Calculator on an annual basis to make sure that the limits provided for all 3,000+ counties in the United States are accurate.
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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 may pay a slightly higher mortgage rate, the lender uses more conservative borrower qualification requirements and you may not be eligible for certain low down payment mortgage programs. Additionally, some lenders only offer conforming mortgages. Use our Conforming Loan Limit Calculator to determine if your mortgage amounts is less than the limit in your area.
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. The FHFA is the government organization that determines the conforming mortgage limits annually and then communicates the limits to lenders who are responsible for applying them when you apply for a mortgage.
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 $453,100 to $679,650 in high cost counties. Generally speaking, lenders refer to $453,100 as the conforming loan limit. The conforming mortgage limit for a four unit property ranges from $871,450 to $1,307,175 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 $679,650 to $1,019,475 in high cost counties and for a four unit property the conforming loan limit ranges from $1,307,175 to $1,960,750. Because loan limits can vary significantly, we recommend that you use our Conforming Loan Limit Calculator to determine the specific limit for your county.
Conforming Loan Limits Can Change Yearly
The FHFA reviews loan limits on an annual basis to determine the limits for the following year. New conforming loan limits are released at the end of the calendar year and apply at the beginning of the following year. Increases in the loan limits reflect appreciation in property values, higher housing costs and improvements in household income, which enable people to afford more expensive homes. Following the housing crisis conforming loan limits remained relatively steady as the housing market slowly recovered. As housing prices and the economy have rebounded, the loan limits have increased more significantly.
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Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx