Loan Limits for Conventional Mortgages
The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limits that apply to all conventional mortgages delivered to Fannie Mae, including general loan limits and the high-cost area loan limits. High-cost area loan limits vary by geographic location.
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The general loan limits for 2016 are unchanged from 2015 (e.g., $417,000 for a 1-unit property in the continental U.S.) and apply to loans delivered to Fannie Mae in 2016 (even if originated prior to 1/1/2016). Refer to Lender Letter LL-2015-07 for specific requirements.
Maximum Original Principal Balance for 2016
| Units | Contiguous States, District of Columbia, and Puerto Rico | Alaska, Guam, Hawaii, and the U.S. Virgin Islands |
|---|---|---|
| 1 | $417,000 | $625,500 |
| 2 | $533,850 | $800,775 |
| 3 | $645,300 | $967,950 |
| 4 | $801,950 | $1,202,925 |
*Maximum Loan Limits for High-Cost Areas for Mortgages Acquired in Calendar Year 2016
2016 high-cost area loan limits have increased for 39 counties due to a high-cost area adjustment or the county being newly assigned to a high-cost area.
*Amounts shown below are maximum limits allowed by the provisions of the Housing and Economic Recovery Act of 2008. The specific high-cost area loan limits are established for each county (or equivalent) by FHFA. Lenders are responsible for ensuring that the original loan amount of each mortgage loan does not exceed the applicable maximum loan limit for the specific area in which the property is located.
| Units | Contiguous States, District of Columbia+ | Alaska, Guam, Hawaii, and the U.S. Virgin Islands |
|---|---|---|
| 1 | $625,500 | $938,250 |
| 2 | $800,775 | $1,201,150 |
| 3 | $967,950 | $1,451,925 |
| 4 | $1,202,925 | $1,804,375 |
+Puerto Rico and a number of other states do not have any high-cost areas in 2016.
Note that the loan limits apply based on the original loan amount, rather than the unpaid principal balance (UPB).