Loan Amounts


Go to this page on the Fannie Mae website to see current loan limits.

Jumbo Loans: Any loan amount above the agency loan limits is considered a Jumbo loan. There are many different loan amount limits and down payment requirements for Jumbo loans, which usually require a minimum of a 20% down payment. Contact a mortgage lender for details.


Minimum down payment is 3.5%.
The down payment can come from a gift.
Credit scores as low as 620 acceptable but this can change frequently, so check with me first.
Seller can pay all closing costs.
Co-signers are allowed.

FHA Loan Limits:
The FHA Maximum Loan limits for your specific location can be determined most easily by using the FHA website, and using their chart. Go to: FHA loan limits

The easiest way to use this site is to:

  1. Sort responses by state.
  2. Type in your state.
  3. Type in your county – The rest you can leave blank, this will yield the best results.

For Washington, DC:

  1. Sort by “Most Recent.”
  2. Select “District of Columbia” under State.
  3. Everything else can be left blank.


The VA loan product offers many benefits. The borrower can purchase a home for 100% of the purchase price plus roll in up to 6% of the closing costs in the purchase price.

The credit guidelines for qualifying are more lenient than on Conventional loans.


  1. Loans limits found here: VA Loan Limits
  2. No down payment required when purchasing a home. A VA mortgage loan is guaranteed with no money down for any loan up to the allowed VA loan limit.
  3. Market rates for subpar credit: if you have a weaker credit score, you would likely get a lower rate with a VA loan than with a conventional loan.
  4. No monthly mortgage insurance. Even with a loan-to-value ratio of 100%, no monthly mortgage insurance is required for a VA home loan, although there is a VA Funding Fee added to the total loan amount.
  5. Often, VA mortgage loans are assumable.


A Certificate of Eligibility (COE) is needed to qualify. Whether you are a first-time user or you have had a VA loan in the past, you must have a Certificate of Eligibility issued by the VA. Other than the COE, you will need the standard items everyone else applying for a loan needs, such as pay stubs, W2s, and bank statements.


The Department of Veterans Affairs requires a funding fee, which varies from zero to 3.3% of the loan amount, depending on your current veteran status. The funding fee is added to the total loan amount, so the borrower is not required to pay it out-of-pocket. As a result of the funding fee, VA loans don’t require monthly mortgage insurance, keeping your monthly payment lower.

Veterans who qualify as disabled as a result of active military service are not required to pay a funding fee. Those who are not exempt from a funding fee may lower their fee by putting money down on their VA home purchase.