Reader question: “Can I buy a house with a down payment of only 5%? Is that enough money to put down to qualify for a mortgage loan?” This is a common question among home buyers and mortgage shoppers. The short answer is yes, a well-qualified borrower can certainly get a mortgage loan with 5% down. […]
The Loan Limits Blog
What’s the Most I Can Borrow With a VA Loan?
Key highlights from this article: Mortgage lenders determine the most you can borrow on a VA loan. The government used to set official loan limits, but that ended in 2020. Your income and debt are largely what determine your borrowing limit. Many lenders set a “debt-to-income” limit at around 45%, for VA borrowers. We encourage […]
Government-Insured Mortgage Loan Programs, Explained
If you’ve been doing some home loan research online, you’ve probably encountered the terms “government-backed mortgage” and “government-insured mortgage.” But what does that mean, exactly? This article explains what these programs are and how they work. What Is a Government-Insured Mortgage Loan? The term “government mortgage loan” can mean a couple of different things. In […]
Is a Conforming Loan the Same as Conventional?
Mortgage loans can be confusing. The terminology alone can leave first-time home buyers and mortgage shoppers scratching their heads. For example, take the whole conforming and conventional loan thing. What do these labels mean? Is a conforming loan the same as conventional? Or are they different? Here’s what you need to know! At a glance: […]
Can I Buy a Home With Less Than a 10% Down Payment?
Can I buy a home with less than 10% down? This is a common question among home buyers, especially first-time buyers who have limited funds saved up. The short answer is yes, it’s possible to buy a home with less than 10% down. In fact, the median down payment in 2017 was 5% for home […]
How Much Can I Borrow for a Mortgage Loan Based on My Income?
“How much can I borrow for a mortgage loan based on my income?” This is one of the most common questions we received from our readers. The answer to this question has more to do with your debt-to-income ratio and your ability to repay the debt, rather than the loan limits featured on our website. […]
What Is a Jumbo Mortgage Loan, And How Do They Work?
In this tutorial, you’ll learn what is considered a jumbo loan. You’ll also learn how using a jumbo mortgage loan might affect you, as a borrower. In most parts of the country, a jumbo loan is any conventional mortgage product that exceeds the conforming loan limit of $453,100. In the more expensive real estate markets, that […]
2018 Texas FHA Loan Limits: Increased for Most Counties
The FHA loan limits for Texas were increased from 2017 to 2018. At least in most counties. The table below shows the current (2018) FHA loan limits for all 254 counties in Texas. The maximum mortgage amount for most of the state is $294,515, for a single-family home purchase. Higher limits are allowed in areas […]
Denver, Colorado FHA Loan Limits Lifted for 2018, Up to $529,000
The maximum FHA loan limit for Denver, Colorado will go up in 2018. The loan limit for a single-family home purchase will rise from $493,350 in 2017, to $529,000 in 2018. This change was made due to significant home-price gains that occurred during 2017, in Denver and also nationwide. See table below for all Colorado counties. […]
Phoenix, AZ Jumbo Loan Threshold Increased for 2018
The conforming loan limit for Phoenix, Arizona was increased from 2017 to 2018. That means that the Phoenix jumbo loan threshold will increase as well. In 2018, a mortgage that exceeds the conforming limit of $453,100 will be considered a jumbo loan in Phoenix. Phoenix Jumbo Loan: Anything above $453,100 In November 2017, the Federal […]