High Balance Conventional Loans
For designated areas where home prices are above national average.
GMFS Mortgage offers mortgages greater than $484,351 with same ease as traditional financing.
The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. The Federal Housing Finance Agency (FHFA) announced November 28, 2018 that maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019 would be increasing due to rising home prices. In most of the U.S., the 2019 maximum conforming loan limit for one-unit properties will be $484,350.
For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit the maximum loan limit will be higher than the baseline loan limit. HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a “ceiling” on that limit of 150 percent of the baseline loan limit. Median home values generally increased in high-cost areas in 2017, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $679,650 — or 150 percent of $484,350.
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Working with GMFS Mortgage was quick and easy – Kevin was very knowledgeable & we felt well-informed during our home-buying process. He was easy to talk to & was always available to answer questions thoroughly. Thanks for helping us purchase our first home! We’ll use GMFS Mortgage again in the future.
Katie L. GMFS Mortgage Customer
Wednesday February 20, 2019
James E. GMFS Mortgage Customer
Friday February 15, 2019
Ryan and his team were very helpful during this whole process. They were very informative and did everything they could to get me exactly what I wanted.. Anytime I became discouraged they made sure to let me know not to worry and that everything would work out. They kept me updated every step of the way, I couldn’t have asked for a better team. [Zillow reviews]
zuser201411220133092 GMFS Mortgage Customer
Friday February 15, 2019
The whole team was great. Eventhough there was a government shutdown they kept working on our loan and were prepared when the government reopened, and we closed on our house within days of reopening. A big thank you to Trina, Linda, and Jennifer. Yippee…we own a house.
Chandler D. GMFS Mortgage Customer
Thursday February 14, 2019
Amazing staff, worked very fast especially with the government shutdown to keep us updated on process and into our new home as fast as they could. They were patient and caring about all our questions and concerns. Gmfs mortgage made us getting into our home as easy and less stressful as possible. I would recommend them to anyone!!!
Hannah T. GMFS Mortgage Customer
Monday February 11, 2019
Over 96,000 customers and $16.7 billion in residential mortgage funding in 23 states
Processing, underwriting, and closing under same roof means smooth & predictable closings
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GMFS staff has an avg. of 14+ years of mortgage industry experience