|By PR Newswire||
|March 1, 2014 12:00 AM EST||
SAN DIEGO, March 1, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that offers in depth and up to date information on loans in an easy to understand and entertaining format. The company, which has quickly become a trusted destination for current news and expert loan advice, empowers homeowners with first class knowledge, valuable resources and connections to top rated industry professionals. Looking into one of their newly posted articles, LoanLove.com briefs loan borrowers on the recent changes to mortgage loans such as imposed limit changes conventional loans. This guide to conventional loan limits in 2014 can give readers a better understanding to their home mortgage loan planning and what the FHA loan limits has in store for future loan borrowers.
First and foremost, the LoanLove.com article states that borrowers may experience that mortgage loans will be relatively unchanged; For the most part, there are only a few changes to loan limits compared to the previous year. "For the ninth consecutive year, baseline conforming loan limits will remain at their current levels in 2014" states the article. Although loan limit changes have been minimal, modifications have been made which can be seen in a few high-cost regions.
These new loan limit changes are reflected primarily through three loans which include: Conforming, Conventional, & FHA loans. Conforming loan limits themselves have remained at constant levels with only areas considered high costs having their loan limits increased due to area adjustments or because of newly designated high-cost areas. On the other hand, FHA loans in general have been decreased to match the changes of conforming loan limits that have taken place. On the changes for conventional loan limits, LoanLove.com expounds on the topic further"
"The term "conventional loan" refers to loan products that are not backed by the government. Conventional loans may or may not be conforming loans, therefore. FHA and VA loans, by contrast, would be considered unconventional loans.
Each year, the Federal Housing Finance Agency (FHFA) publishes conforming loan limits, as explained above. These limits apply to all conventional mortgages delivered to Fannie Mae, including baseline loan limits and higher limits for high-cost geographical areas."
However, this does mean conventional loans are without any liabilities. Although loan borrowers may be able to get a mortgage loan that extends outside of the appointed new conforming loan limits, loan borrowers should be aware that their mortgage lenders will not be able to resell nonconforming loans such as a conventional loan to Fannie Mae, which can leave loan borrowers susceptible to higher risks. This is primarily loan lenders in general comply to these loan limits.
For more information on conventional loan limits 2014 and to know if a conventional loan is the right choice when borrowing a loan, please visit LoanLove.com to read the full article.
To learn more about the loan limits for 2014, please click here to read the full article on LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, [email protected]
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
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