Richard's Real Estate Thoughts - Chattanooga TN Mortgage Lender: Conventional, FHA, and VA home mortgage loan amount increases for 2017

Conventional, FHA, and VA home mortgage loan amount increases for 2017

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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Richard Smith
NMLS# 184479 TN# 104002 Georgia Residential Mortgage Licensee, GA#28928 

Conventional, FHA, FHA 203k, HUD $100 down purchases, VA,

Rural Development (USDA), THDA and Jumbo Loans

Lending in Chattanooga, Tennessee and Georgia for over 20 years.

Fairway Independent Morgage Company

Cell phone: 423-280-0345 Email:

Visit my website to inquiry about a home loan.

This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Fairway Independent Mortgage Corporation.

Comment balloon 0 commentsRichard Smith • January 12 2017 05:46PM