Conventional $806,500

FHA $546,250*

VA No limit w/full entitlement**

USDA No loan limit***

*FHA loan limits vary by county. Contact your loan officer for more details.

**VA no longer follows conventional loan limits and has no loan limit for VA borrowers with full eligibility.

***The amount borrowed for USDA loans is limited by income and household’s debt-to-income ratio.

Low and No Money Down Loan Options:

0% down options include: USDA, VA, and FHA with Down Payment Assistance

3% down: Conventional

3.5% down: FHA (FHA mortgage insurance costs are 1.75% Upfront, 0.85% annually if LTV > 95%, 0.80% annually if LTV < 95% for loan amounts less than or equal to $625,500 with a 30-year term).

Common Mortgage Terms:

Closing Disclosure (CD): A form used at closing that provides a statement of final loan terms, projected payments, closing costs, and a summary of the transaction.

Debt-to-Income (DTI): The ratio, which is reflected in a percentage, of a borrower’s monthly payment obligation, divided by their monthly income.

Loan Estimate (LE): A form provided when applying for a home loan that outlines the terms, projected payments, and estimates closing costs of the loan.

Loan-to-Value (LTV): The ratio between the amount borrowed on the mortgage and the lower of the sales price or appraised value.

Mortgage Insurance Premium (MIP): A policy that protects lenders should a borrower default on a loan. Usually required with a down payment of less than 20% and paid to either the FHA or the private mortgage insurer.