High Balance Conventional Loans are available in certain areas where home prices are above the national average.
GMFS Mortgage offers mortgages greater than $453,100 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, 2017 that maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018 would be increasing due to rising home prices. In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100.
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 $453,100.
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Carrie exceeded all of my expectations! She has helped me every step of the way, during and after my first home purchase. I highly recommend using Carrie Sanders.
Brad G. GMFS Mortgage Customer
Thursday July 5, 2018
Thanks for all your help with this long process, we are so happy in our perfect home.
Wayne T. GMFS Mortgage Customer
Tuesday June 26, 2018
Very professional and familiar with mortgage financing. Guaranteed interest rate and promised a one-time rate reduction if market rates went down. Timely review of loan application documents and delivery of loan pre-qualification letter. Familiar with other businesses related to home purchasing including insurance and escrow service. Smoothest home mortgage financing process we could have expected.
Rickie & Tammi G. GMFS Mortgage Customer
Monday June 25, 2018
We received excellent customer service from Todd Jackson and GMFS Mortgage. Todd made the mortgage experience very easy and was extremely helpful throughout the process. We will be recommending GMFS Mortgage to our friends and family.
Kerry B. GMFS Mortgage Customer
Thursday June 21, 2018
Great experience! Loan process was quick and easy and they kept me informed of the status each step of the way.
Deborah C. GMFS Mortgage Customer
Thursday June 21, 2018
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