Statutory FHA Loan Amount Limits Specified by the National Housing Act Prior to 1996, loan limits established by Freddie Mac http://www.freddiemac.comhttp://www.freddiemac.com 2009: Stimulus bill raised loan limit for reverse mortgages from $417,000 to $625,500. High cost areas limit is set at lesser of 95% of area median sales price, or the statutory ceiling, which is equal to an amount not to exceed 87% of Freddie Mac’s conforming loan limit. www.FNMA.com www.FNMA.com
DVA GUARANTEED LOANS One to Four Units Vet Must be in Owner-Occupied unit No Down payment Required No Prepayment Penalties Maximum Interest Rate Fixed rate on 1-4 units Graduated payment on single-family unit No Mortgage Insurance Seller Pays Discount Points Buyer Pays 1% Loan Fee, 1.875% VA Funding Fee Secondary Financing Permitted
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