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Wednesday, May 29, 2013

No changes to Conventional Loan Limits in 2013

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General Loan Limits for 2013
The general loan limits for 2013 remain unchanged from 2012 (e.g., $417,000 for a 1-unit property in the continental U.S.). Maximum Original Principal Balance for 2013
UnitsContiguous States, District of Columbia, and Puerto RicoAlaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $417,000 $625,500
2 $533,850 $800,775
3 $645,300 $967,950
4 $801,950 $1,202,925
Maximum Loan Limits for High-Cost Areas for Mortgages Acquired in Calendar Year 2013 and Originated after 9/30/2011 or Prior to 7/1/2007*
Loans originated on or after October 1, 2011 use the "permanent" high-cost area loan limits established by FHFA under a formula of 115% of the 2010 median home price, up to a maximum of $625,500 for a 1-unit property in the continental U.S.. The high-cost area loan limits are established for each county (or equivalent) and are published on Lenders are responsible for ensuring that the original loan amount of each mortgage loan does not exceed the applicable maximum loan limit for the specific area in which the property is located.
UnitsContiguous States, District of Columbia+Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $625,500 $938,250
2 $800,775 $1,201,150
3 $967,950 $1,451,925
4 $1,202,925 $1,804,375
+Puerto Rico and a number of other states do not have any high-cost areas in 2013.
*These limits were determined under the provisions of the Housing and Economic Recovery Act of 2008.
Note that the loan limits apply based on the original loan amount, rather than the unpaid principal balance (UPB).