Conventional Loan Max at $415,000!!!!

[tsw]

I am trying to purchase a home for $550,000 by taking out a conventional 30 year fixed rate loan. Banks keep telling me that the max for a conventional loan is $415,000 and if I want to go over that amount, I'd have to make up the different in my own cash... Are you telling me that anyone wanting to purchase a home for over $415k has to pay the rest in cash??? So there are no banks out there that does mortgages for over $415k? No problems in the credit area. Thanks in advance for any and all responses. Please Help!

[Rebuilding2010]

i think they mean the max for a conventional loan for you specifically is 415k, don't you think? I'm sure the reps at the bank can clarify, but that's what I'm assuming it is.

[tiggerlgh]

Liok up you area in this linkhttps://www.fanniemae.com/content/tool/loan-limit-table.xls

 

Also Look into jumbo loans not conventional They are harder to get but possible if you have the income, down payment, reserves and score

Edited June 5, 2015 by tiggerlgh

[tsw]

i think they mean the max for a conventional loan for you specifically is 415k, don't you think? I'm sure the reps at the bank can clarify, but that's what I'm assuming it is.

Ok, I will check. But my income is a quarter of that, and my dtc ratio is below 20%. Dti is at about 8%... I can afford more than $415k on paper. Thanks for the response.

[tsw]

Liok up you area in this linkhttps://www.fanniemae.com/content/tool/loan-limit-table.xls

 

Also Look into jumbo loans not conventional They are harder to get but possible if you have the income, down payment, reserves and score

This information helps, Thank You!

[Brian B The Loan Professor]

Most areas cap at 417k - a few have larger limits but they are the high cost areas through out the country

Ther are Jumbo products available as well as fha (fha loan limits occasiopnally exceed the conventiona loan limits in an area)

How much are you thinking of putting down?

[tsw]

Most areas cap at 417k - a few have larger limits but they are the high cost areas through out the country

Ther are Jumbo products available as well as fha (fha loan limits occasiopnally exceed the conventiona loan limits in an area)

How much are you thinking of putting down?

Yes, I meant to say $417k initially... It's my understanding that FHA limits are $349K. I am in South Florida. The plan was to not exceed $30k as a down payment.