Posted on: 18th Jul, 2006 08:52 am
what is the limit set by the lenders for the fha loans, conventional loans and va loans??
Hi Tandonan,
Conventional loans can be Conforming and Non-conforming. For the Conforming loan limit, you may refer the section on Conforming loan.
VA loan types are guaranteed by U.S. Dept. of Veterans Affairs. It is comparatively easier to qualify for a VA loan than a conventional loan. The maximum limit generally set by the lenders for VA loans is $203,000.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha
Conventional loans can be Conforming and Non-conforming. For the Conforming loan limit, you may refer the section on Conforming loan.
VA loan types are guaranteed by U.S. Dept. of Veterans Affairs. It is comparatively easier to qualify for a VA loan than a conventional loan. The maximum limit generally set by the lenders for VA loans is $203,000.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha
Hi,
I can probably add some more.
The FHA loan limits vary from high cost to low cost areas. Generally the limit for high cost areas is 87% of the conforming loan limit, that is, $362,790 for a single-family home in 2006.
In low cost areas, the limit is 48% of the conventional loan limit, that is, $200,160 for the year 2006. For conventional loans, the financing limit is higher in case of properties having multiple units.
You can find out the exact FHA loan limit in your area from https://entp.hud.gov/idapp/html/hicostlook.cfm
Hope this information helps.
I can probably add some more.
The FHA loan limits vary from high cost to low cost areas. Generally the limit for high cost areas is 87% of the conforming loan limit, that is, $362,790 for a single-family home in 2006.
In low cost areas, the limit is 48% of the conventional loan limit, that is, $200,160 for the year 2006. For conventional loans, the financing limit is higher in case of properties having multiple units.
You can find out the exact FHA loan limit in your area from https://entp.hud.gov/idapp/html/hicostlook.cfm
Hope this information helps.
