Resources For High Cost Area Conventional Financing.

[Jerry Padilla]

Here is a list of counties with increased conforming limits from 2015-2016

PDF List of Counties With Increased Conforming Limits for 2016

Here is a link with a list of the conforming loan limits for 2016

PDF List of Counties With Conforming Limits For 2016

Here is the site to look up FHA and Fannie Mae/Freddie Mac Loan Limits.

Look Up For FHA and Fannie Mae/Freddie Mac Limits For 2016

You can borrow for up to 10 conventional mortgages, down to a price of 10k, and up to confirming limits in your county. You have the option of a 15, 20 or 30 year term.

You can have an unlimited amount of mortgages and still obtain Primary Residence Financing.

Standard Conforming limits are below;

1 unit - $417,000

2 unit - $533,850

3 unit - $645,300

4 unit - $801,950

Maximum Conforming limits are below (If Your Area Qualifies, Please Use the Look Up Link Above to see where your location falls);

1 unit - $625,500

2 unit - $800,775

3 unit - $967,950

4 unit - $1,202,925

Anything above this limit, but below your specific counties conforming limit is considered high balance financing. There are different guidelines for both standard conforming limits and for high balance financing. Jumbo loans are for primary residence only and above conforming limits.

Standard Conforming Limit Financing

For A Fixed Rate Purchase, Primary properties, Mortgages 1-6;

• A SFR requires a LTV of 97%
• A Duplex requires a LTV of 85%
• A Triplex & Fourplex requires a LTV of 75%
• A minimum credit score of 620

For A Fixed Rate Purchase, Investment properties, Mortgages 1-6;

• A SFR requires a LTV of 85%
• A MFR requires a LTV of 75%
• A minimum credit score of 620

For A Fixed Rate Purchase, Investment properties, Mortgages 7-10;

• A SFR requires a LTV of 75%
• A MFR requires a LTV of 70%
• A minimum credit score of 620

High Balance Limit Financing (Within Conforming limit for individual county specific, & above standard conforming limit)

For A Fixed Rate Purchase, Primary properties, Mortgages 1-6;

• A SFR requires a LTV of 95%
• A Duplex requires a LTV of 85%
• A Triplex & Fourplex requires a LTV of 75%
• A minimum credit score of 620

For A Fixed Rate Purchase, Investment properties, Mortgaged properties 1-5 ONLY ALLOWED. You can not do a high balance loan on an investment property if you have greater than 5 mortgaged properties, including subject property!

• A SFR requires a LTV of 85%
• A MFR requires a LTV of 75%
• A minimum credit score of 620

Here are some answers to FAQ as well;

1. For all 1- to 4-unit investment property transactions.

Cash Reserves Required For Other Properties Owned by Investor;

Cash Reserve Requirements;

6 months Fannie Mae's Requirement for 1-4 Mortgaged Properties.

Fannie Mae's Requirements for 5-10 Mortgaged Investment Properties

Freddie Mac Requirements for 1-6 Mortgaged Properties.

These California cities are in the High Cost areas for 2015;

Los Angeles, Anaheim, Long Beach, San Jose, Sunnyvale, Santa Clara, San Francisco, Oakland, Hayward, Santa Barbara, Santa Maria, Santa Cruz, Watsonville

The CA counties are included in the high cost areas;

Alameda, Contra Costa, Los Angeles, Marin, Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara, Santa Cruz

These Colorado cities are in the High Cost areas for 2015;

Edwards, Glenwood Springs, Steamboat Springs, Breckinridge

The CO counties are included in the high cost areas;

Eagle, Garfield, Pitkin, Routt, San Miguel

Washington and Arlington - District of Columbia

These Hawaii cities are in the High Cost areas for 2015;

Kahului, Wailuku, Lahaina

The HI counties are included in the high cost areas;

Honolulu, Maui, Kalawao, Kauai

These Idaho cities are in the High Cost areas for 2015; Bailey, Hailey

The ID counties are included in the high cost areas; Blaine, Camas, Lincoln, Teton

The NY NJ PA counties are included in the high cost areas;

Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester

These New York, New Jersey, Pennsylvania cities are in the High Cost areas for 2015;

Jersey City, Newark, New York

Elizabeth City in NC with counties of Camden, Pasquotank, Perquimans

In DC, VA, MD, WV - Washington, Arlington, and Alexandria

In MA - Vineyard Haven - Dukes and Nantucket

Fannie Mae/Freddie Mac High Cost are limits are the same as FHA for 2015. VA is the same as FHA for 2015

FHA and VA are owner occupied and have to be mortgage 1-4. Conventional can be both owner occupied or investment with up to 10 mortgages.

For more information on high cost area, VA Financing - please see one of my other blogs;

VA High Cost Area Financing

For more information on high cost area, FHA Financing - please see one of my other blogs;

FHA High Cost Area Financing