Loan Amounts

CONVENTIONAL LOANS

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.

FHA LOANS

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.

VA LOANS

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.

BENEFITS OF VETERAN HOME 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.

WHAT WILL I NEED TO GET A VA LOAN?

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.

ARE THERE ANY FEES FOR A VA MORTGAGE LOAN?

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.