Williamsville, New York (December 19, 2018) – 1st Priority Mortgage, Inc., a Howard Hanna Company, is pleased to announce that the company will be increasing the maximum loan limit for FHA (Federal Housing Administration) and maximum guaranty for VA (Veterans Administration) loans. For most counties in New York, the one-unit FHA loan limit will increase to $314,817, an increase of $20,302. Maximum financing for FHA loans is established by the county in which the property is located. For VA transactions, the new maximum guaranty amount will be $484,350, an increase of $31,250. The new limits will begin in January 2019.
1st Priority had previously announced an increase in conventional (non FHA or VA) single-unit conforming loan limits from $453,100 to $484,350 beginning in January 2019. The increase in FHA loan limit and VA maximum guaranty is largely attributed to the increase for the conventional loans.
Conforming loan limits are set by the Federal Housing Finance Agency (FHFA) each year, and the agency establishes the limit to which the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) can guarantee loans. Likewise, the FHA and VA have increased their limits for 2019. The higher loan limit will offer 1st Priority Mortgage greater flexibility on loan approvals. Borrowers will now be able to qualify with loan limits substantially higher than in previous years.
As always, please be sure to consult with your 1st Priority Mortgage Consultant to discuss financing options and to obtain the maximum allowable FHA financing to suit your needs.
To learn more, contact a 1st Priority Mortgage Consultant today!
NMLS# 29600. Contact 1st Priority Mortgage, Inc. for mortgage products and eligibility. 1st Priority Mortgage, Inc. is a Licensed Mortgage Banker, New York State Department of Financial Services. All lending products are subject to credit and property approval. Terms, conditions, and certain restrictions may apply on all programs. Interest rate and program terms are subject to change without notice. This is not a commitment to lend. Contact a 1st Priority Mortgage Consultant for full details: (888) 500-9733.