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Wednesday, January 2, 2013

New American Mortgage 2013 Loan Limits

Received info this morning from New American Mortgage regarding changes in loan limits for 2013. They are as follows:

2013 Conventional Loan Limits
The Federal Housing Finance Agency (FHFA) has issued the maximum loan limits that will apply to conventional loans to be acquired by Fannie Mae in 2013. All loan limits for 2013 remain unchanged from 2012. The first mortgage loan limits are defined in terms of general loan limits.

Contiguous States, District of Columbia, and Puerto Rico
- 1 Unit $417,000
- 2 Unit $533,850
- 3 Unit $645,300
- 4 Unit $801,950

2013 FHA Loan Limits
Federal Housing Administration Maximum Loan Limits, Effective Period: January 1, 2013, through December 31, 2013
- Clark County Nevada, 1 Unit the maximum loan limit is $400,000

Click on the link below to find the FHA Mortgagee Letter 12-26 outlining the 2013 maximum loan limits.

2013 VA Loan Limits
The Department of Veterans Affairs (VA) Loan Guaranty program does not set a maximum amount that an eligible veteran may borrow using a VA guaranteed loan.  However, the following “limits” must be used to calculate VA’s maximum guaranty amount for a particular county. For 2013, some limits increased, some stayed the same and few decreased. 
- Clark County Nevada, IS NOT on their list so the limit is $417,000.

VA Circular 26-12-9 which addresses changes with the VA loan. Some of the highlights are:
- Active duty member's dependent children my qualify to satisfy occupancy requirements
  when the veteran is deployed
- Expanded funding waiver for active duty military
- Changes to the maximum loan guaranty amounts for the remainder of 2012

Click on the link below to find the VA Circular 26-19-9 for details.

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