FHFA Increased Annual Loan Limit VA Loans 2018
FHFA Increased Annual Loan Limit VA Loans – SAFE MLO EXAM is pleased to report that for 2018, The Federal Housing Finance Agency (FHFA) has increased the annual loan limits beyond which jumbo financing would be required, which includes VA loans. The 2017 conventional/conforming loan limit for single-family properties was $424,100. That has been increased to $453,100 for 2018, though the limits are higher in high cost counties. For exam purposes, $453,100 is the magic number to use.
Although VA purchase loans afford borrowers the opportunity for no down payment, any loan amount over $453,100 requires a minimum down payment of 25% of the difference between the purchase price and $453,100, based upon the 2018 increase. The minimum down payment is 0% on VA mortgages of up to $453,100, and the maximum origination fee permitted by the VA is 1%. Sign up with SAFE MLO EXAM, a trusted provider for mortgage test prep, to test your abilities by taking the 5 practice tests created by a seasoned mortgage expert.