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FANNIE MAE AND FREDDIE MAC LOAN LIMITS FOR 2016 LICENSE

Buying a $100,000.00 property requires $3,500.00 down payment and if the seller pays up to $6,000.00 for your closing cost you will only need around $4,000.00 to buy a $100,000.00 in Florida.Īre you short funds to close? The FHA no closing cost loan allows all of your closing cost to be rolled into your loan including your appraisal fee, hazard insurance premium and even your escrow account. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who's paying the transfer tax and owner's title insurance.īy allowing the seller to pay for your closing cost you will decrease the amount of money required to buy a home.

If you do not write it into the sales contract then you will be paying the closing cost. If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost." Addresses and loan information of other real estate owned (if any)Ĭlosing cost - FHA allows the seller to pay up to 6% of your closing cost.Clear copy of SS card (front and back) The maximum limit for a loan conforming to Fannie Mae and Freddie Mac guidelines will be raised for 39 high-cost counties in 2016, the Federal Housing Finance Agency announced on Wednesday.

FANNIE MAE AND FREDDIE MAC LOAN LIMITS FOR 2016 LICENSE

Clear copy of Driver’s License (front and back).

In most of the country, the loan limit will remain at 417,000 for one-unit properties.

Latest retirement statement for each active account (all pages) The Federal Housing Finance Agency (FHFA) today announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2016 will remain at existing levels, except in 39 high-cost counties where they will increase.

Despite some predictions that the loan limits.

Bank statements for last 2 months (all pages) The Federal Housing Finance Agency announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2016.

Personal tax returns for the past 2 years.

Virgin Islands, where the cap is 50 percent higher than the limits for Not to exceed $625,500, except in Alaska, Hawaii, Guam and the U.S. The cap for high-costĬonforming limits varies by county because the maximum loan amount isĬalculated to be 115 percent of the 2011 area median home price and is High-cost area conforming limit is $625,500. The eligible amount of financing for any loan is determinedīy factors specific to that Loan, including, but not limited to theĪs of October 1, 2011, the general conforming limit is $417,000 and the

Guidelines of the Government Sponsored Entities known as Fannie Mae andįreddie Mac. High-cost loans are only available through FHA loans.įannie Mae and Freddie Mac establish the maximum loan amounts.Īgency Conforming loans, in the US, are loans that conform to the Limits to the lesser of $729,750 or 125% of the median home value within Of living has been incorporated into the 2008 economic stimulus package.Ĭongress has authorized an increase of the single family residences The Office ofįederal Housing Enterprise Oversight (OFHEO) set the criteria on whatĬonstitutes a conforming loan limit that Fannie Mae and Freddie Mac can buy for 2016.Ī temporary increase in the Conforming Loan Limits for high-cost areas Conforming loan limits 2016 are the same as 2015.