Maximum loan amounts for home mortgages have been increased for 2017.
This is will help many home buyers buy more home at conventional and FHA/VA interest rates. For home purchases using mortgages that exceed maximum limits, buyers must use Jumbo loan products. Often the Jumbo loans have different terms which can involve somewhat higher interest rates.
Conventional limits in Hamilton County, Bradley County, and North Georgia have been increased to $424,100 for a single family home mortgage. The previous maximum conventional loan amount was $417,000.
This maximum is the loan amount, not the purchase price. Using a 95% LTV loan, the maximum loan amount of $424,100 would allow a purchase price of $446,400.
The maximum loan amount for a VA loan is also $424,100, for a single family purchase. This of course depends also on the veteran’s VA eligibility.
FHA increased its maximum loan amount. In Hamilton, Bradley, and North Georgia, the new FHA maximum loan amount is $275,665. The previous maximum FHA loan amount for single family home purchases in Hamilton and Bradley counties was $271,050.
This is the maximum loan amount, not the sales price. Using the minimum FHA down payment of 3.5%, the new maximum FHA loan amount allows a purchase price of $285,660.
These loan amounts are for Hamilton, Bradley, North Georgia and surrounding counties. Locations in higher cost of living areas may have higher maximum loan amounts. Higher loan amounts are also available for multi-family homes.
These loan amounts are helpful, though they may not be enough to keep up with home price increases in Chattanooga and Cleveland.
Call with any questions about your prequalification to purchase your new home.
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Thank you for visiting. This is the professional blog for |
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Richard Smith Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Rural Development ( USDA), and Jumbo Loans
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Sierra Pacific Mortgage |
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Cell phone: 423-280-0345 Email: Richard.Smith@SPM1.com |
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Visit my website to inquiry about a home loan. |
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Read my most recent articles in Scotsman Guide. |
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This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Sierra Pacific Mortgage. |
