Hello Everybody!
FNMA and FHLMC announced their new maximum conforming loan amounts today and, as expected, our area got shut out. In fact, using the formula that they use, our maximum loan limit should be the same as the new FHA loan limit - $410,000! However, they are not making any decreases, so our loan limit will remain at $417,000.
In addition, I wanted to point out a couple of things to my announcement earlier about the FHA loan limits. Units means number of units owned or being purchased. So, a 2 unit property means that the buyer is purchasing a 2 flat, or 2 family, and is going to live in one and rent the other one out. FHA does not allow loans for investment properties. I hope that clarifies that!
The new limits, once again, are:
1 Unit Property - $410,000
2 Unit Property - $524,850
3 Unit Property - $634,450
4 Unit Property - $788,450
Also, these loan limits are for the following counties:
Cook, DuPage, DeKalb, Grundy, Kane, Lake, McHenry & Will
If you are working on an FHA contract in a county other than those I have mentioned. Please check with us to find out what the maximum loan amount is, as it may be considerably less, in the $271,050 range.
Thank you!
Jay Skwierawski
President
First Sterling Mortgage Services, LLC
737 North Michigan Avenue, #1900
Chicago, IL 60611
312.268.7601
WE CLOSE ON TIME - EVERY TIME!