FHA Conventional and VA Home Loan Limits
Starting the new year off in 2019, we now have new higher maximum loan limits in the mortgage industry.
FHA Loan Limit
The maximum FHA loan you can get for a single family home in the DFW area is $395,600. This does not mean you have to purchase a house worth equal or less than this amount. If you were to buy a home in the $450,000 range, you would just have to put down enough money up front so that your loan amount was no higher than $395,600.
Conventional Loan Limit
The maximum conventional or conforming loan you can get for a single family home in the DFW area is $484,350. Just like FHA, this does not mean you have to purchase a house with a purchase amount equal or less than $484,350. If you were to buy a home in the $600,000 range, you would just have to put down enough money up front so that your loan amount was no higher than $484,350. That being said, to avoid having to get a jumbo mortgage that comes with more strict qualification guidelines and additional costs, I advise many of my clients to put down enough money to get their loan amount at or below this $484,350 mark, or get a 2nd lien. The 2nd lien is used to finance the balance over and beyond the conforming loan limits in addition to a customer’s down payment”, then you would be eliminating the trigger terms altogether. This has some great advantages. On an older post I wrote, you can learn more about combo loan to avoid jumbo financing…when you get to this page, scroll to the bottom of the post.
VA Loan Limit
The maximum loan you can get for a single family home in the DFW area is $484,350. Same story goes for VA. This is the maximum loan amount, but you can buy a home at a purchase price higher than this amount, but you just have to put down more money to get your loan amount where it needs to be.
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