Pittsburgh, PA (December 19, 2018) – Howard Hanna Mortgage is pleased to announce that the company will be increasing the maximum loan limits for both a FHA (Federal Housing Administration) and a VA (Veterans Administration) loans. Maximum financing for FHA loans is established by the county in which the property is located and therefore may change from county to county. However, for most counties, the one-unit FHA loan limit will increase to $314,817, an increase of $20,302. For VA transactions, the new conforming loan limit will be $484,350, an increase of $31,250. The $31,250 increase is the largest single increase in many years. The new limits will begin in January 2019.
Howard Hanna Mortgage 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 and VA loan limits is largely attributed to the increase for 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 guarantee levels for 2019. The higher loan limit will offer Howard Hanna Mortgage Services greater flexibility on mortgages. Borrowers will now be able to qualify under agency standards at loan limits substantially higher than in previous years.
As always, please be sure to consult with your Howard Hanna Mortgage Loan Originator to discuss financing options and to obtain the maximum allowable FHA financing in your area.
To learn more, contact a Howard Hanna Mortgage Loan Originator today!
NMLS# 101561. Restrictions apply. Advanced Equity Loan must be in 1st or 2nd lien position. Offer of credit is subject to credit approval. Contact Howard Hanna Mortgage Services for mortgage products and eligibility. Howard Hanna Mortgage Services is licensed by: The Pennsylvania Department of Banking and Securities as a Mortgage Lender – License number 21415. The Ohio Department of Commerce – Division of Financial Institutions – License number RM.804531.000. The Michigan Department of Licensing and Regulatory Affairs, Office of Financial and Insurance Regulation, First Mortgage Broker/Lender License number FL0022570, Second Mortgage Lender Registration number SR0022571. The West Virginia Division of Banking – License number ML-20884. Howard Hanna Mortgage Services is registered to do business in Pennsylvania, Ohio, Michigan and West Virginia. Contact a Howard Hanna Mortgage Loan Originator for full details. PA (800) 474-4437, 1000 Gamma Drive – Pittsburgh, PA 15238. OH and MI – (800) 589-1118, 6000 Parkland Blvd. – Mayfield Hts., OH 44124. firstname.lastname@example.org.