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Conventional Loan Limits For 2014 Explained In A New Loan Love Article

SAN DIEGO, March 16, 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. Loan Love now offers a new article guide that can help loan borrowers understand some of the new changes in mortgage loans, particularly conventional loan limits in 2014. sing this guide, readers can better plan out their home mortgage without any unwanted expenses sneaking up on them.

This article, titled "2014 Loan Limits: Conforming, Conventional, & FHA Expectations" shows readers the different loan limits for their available loan options and how the changes in these loan limits may affect loan borrowers. As the article briefly mentions, "Prospective home buyers shopping around for conforming, conventional and FHA loans in 2014 will find only a few changes in loan limits compared to last year. For the most part, the limits—which set the maximum allowable loan size for a mortgage in a given geographical area—remain at 2013 levels, other than a few adjustments up or down in some high-cost regions.

"With this in mind, the article makes it a point to remind readers that in the first place, there are no actual set loan limits for a conventional loan. A conventional loan will usually indicate a loan product that is not supported or backed by the government. This in turn means that the size of a loan will be dependent on what is allowed by the individual loan lender. This is to a limit, however. The article explains, "While you can get approved for a conventional loan that does not fit within the conforming loan limits, your lender would not be able to resell your nonconforming loan to Fannie Mae and would then be taking on greater risk. This is why most lenders adhere to these limits.

"Loan Love's guide also clarifies what the new base conforming loan limits for 2014 are as shown below:

• 1-unit home : $417,000
• 2-unit home : $533,850
• 3-unit home : $645,300
• 4-unit home : $801,950

Furthermore, loan limits in high cost areas are considerably higher. In many high cost regions, loan limits will max out at:

$625,500 for a one-unit home
$800,775 for a two-unit home
$967,950 for a three-unit home
$1,202,925 for a four-unit home

These loan limits may also vary from state to state such as Hawaii, Alaska, Guam, and the U.S. Virgin Islands where the max loan limits are even higher. Loan Love's article mentions, "While no 0ounties will see a decline in conforming loan limits for 2014, among the several counties where borrowers can take advantage of an increase, are two counties in Virginia, three counties in New York and five in Massachusetts. Several lesser-known metropolitan areas have also seen the conforming loan limit raised for 2014, including Garfield, Colo., which will see loan limits climb all the way to $625,000. Among some of the other cities affected by the higher loan cap in the contiguous states are Boston; Newburgh, N.Y.; Poughkeepsie, N.Y.; and Culpeper County, Va.

"To learn more on the changes of conventional loan limits in 2014 and to find out if a conventional loan is a suitable choice taking out a mortgage loan, please visit LoanLove.com to read the full article.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE LoanLove.com

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