Ohio Conventional loan limits, the amount you can borrow and remain with a conventional loan, have remained at $417,000 since 2006. That changes in 2017. While the increase isn’t huge, it may help some buyers.
The Federal Housing Finance Agency is raising the maximum loan amount that qualifies a mortgage to be purchased by Fannie Mae and Freddie Mac. The new loan limit in Ohio for 2017 will be $424,100.
Loan amounts that exceed the conventional or “conforming” loan limits are considered a Jumbo Mortgages, which the lenders hold themselves or sell to private investors. Jumbo mortgages generally have stricter underwriting guidelines and require a larger down payment.
The new Conventional Loan Limits in Ohio begin in January. This is a step in the right direction, another signal that the housing market has recovered from the crash.
FHA has also followed suit, increasing Ohio FHA loan limits as well.
If you’d like to discuss your options for a Conventional mortgage please Contact Me or complete the Ohio Mortgage Rate Quote form.
