Conforming Loans with a 1% Down Payment

Conforming Loans:
Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, form October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price.Buying back mortgage loans allow these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market – effectively decreasing the demand for non-conforming loans.

*Conforming Loan with a 1% Down Payment (700 FICO score needed)

*Conforming Loan with a 3% Down Payment (620 FICO score needed)

*95% Loan to Value with NO Private Mortgage Insurance (Lender Paid)

*Fannie Mae HomeReady Income Limit

*Freddie Mac Home Possible Income Limit

 

2019 Loan Limits Now Allowed on Conventional Products

2019 LOAN LIMITS NOW ALLOWED ON CONVENTIONAL PRODUCTS

As announced today by the Federal Housing Finance Agency (FHFA), the standard and high-cost area loan limits for Fannie Mae and Freddie Mac are increasing. The base loan limit in most of the country will be $484,350, which represents a 6.9% increase over the 2018 limit.  All but 47 counties will see a loan limit increase.

Access Capital Group, Inc is pleased to begin allowing conventional loans with the increased standard and high balance limits to be submitted, locked and funded immediately.
The following tables show the new loan limits for standard and high balance loan amounts.  High balance loan limits do vary by county.

General Loan Limits
Units All States Except
AK and HI
AK and HI
1 $484,350 $726,525
2 $620,200 $930,300
3 $749,650 $1,124,475
4 $931,600 $1,397,400

 

High Balance Loan Limits
Units All States Except
AK and HI
AK and HI
1 $726,525 $1,089,788
2 $930,300 $1,395,450
3 $1,124,475 $1,686,700
4 $1,397,400 $2,096,100