High Balance Conventional Loans for designated areas where home prices are above 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.
I had an excellent experience with GMFS Mortgage. Jason and Sandy were easy to work with, helped me to feel comfortable and informed throughout the entire process, and stayed on top of things every step of the way. Thanks for ensuring that everything ran smoothly for my first home purchase!
Sara J. GMFS Mortgage Customer
Monday September 17, 2018
They made the process very easy and straightforward, worked with my strict budget and timeline, got me into my house with cash and time to spare! Would recommend to any home buyer, especially first timers.
Jed F. GMFS Mortgage Customer
Friday September 7, 2018
Deyuan X. GMFS Mortgage Customer
Friday August 31, 2018
John Peterson has been the most helpful person we have in the home buying process.
Justin B. GMFS Mortgage Customer
Monday August 27, 2018
GMFS Mortgage is an OUTSTANDING company!!! Stephanie and her team are very professional, efficient, kind, helpful and supportive. They made my house buying experience a “piece of cake.” I don’t know how I could have accomplished buying my home without this excellent group of people. ( I was selling my home in Houston while buying in Louisiana. ) I HIGHLY RECOMMEND THEM!!!! If you are looking for a mortgage company, look no further. You will NOT find another company that is as great as Stephanie and her team!!!
Terri L. GMFS Mortgage Customer
Thursday August 23, 2018