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In New York City, the new limit for a single-family home loan can now be as high as $679,650. Anything above these caps is considered a jumbo mortgage.
A conforming home loan is one that meets, or “conforms” to, certain guidelines set forth by Freddie Mac and Fannie Mae. These loans are meant to assist homebuyers seeking modest homes in any county across the U.S.
Because they are not meant to assist homebuyers with a luxury property purchase, FHA loans have loan limits based on the county’s median home price and other economic factors.
Here are the new loan limits:
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If you’re interested in finding out what home loan options are available for you, a Lyons Loan Expert is available for a personal consultation. http://www.elyons.com/concierge/