Congress finally raised thе maximum mortgage limits fоr thе FHA whіlе
leaving loan ceilings untouched fоr Fannie Mae аnd Freddie Mac.
The $ 453,100
VA loan ceiling applies to most counties in the U.S., however there are over 200 high - cost counties where the max VA loan amount rises to $ 679,650 in the continental U.S.
Despite having a low
personal loan ceiling, there is something to be said about the annual percentage rates (APR) on a Pave personal loan.
Bruce Calabrese, president оf Equitable Mortgage іn Columbus, Ohio, sаіd thе hefty nеw premiums mаkе «FHA tоо restrictive аnd unattractive» fоr mоst refinancers іn hіs area, еvеn wіth slіghtlу
higher loan ceilings.
He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky - high
loan ceilings and no money down, and he legalized what a federal judge has branded «kickbacks» to brokers that have fueled the sale of overpriced and unsupportable loans.
There is also legislation pending that will allow the FHA to adapt
its loan ceilings and develop more flexible loan products for today's market.
Getting a loan pre-approval will show
you your loan ceiling (how high of a mortgage you qualify for) and will also tell sellers that you are serious about buying a house.
The maximum amount, also called
the loan ceiling, is typically 85 % of your equity.
The results provide a rough estimate of how much you could expect to borrow, plus
your loan ceiling.