Pennsylvania Home Buyer

What is the conforming loan limit for Pennsylvania Counties?


Without getting into a long narrative about Fannie Mae and Freddie Mac, think of Fannie Mae and Freddie Mac as a banker's , bank.  So here's what all this means.  You go to your bank and apply for a mortgage and the mortgage is NOT an FHA or a veteran's loan (VA). The bank puts you through the grinder and you finally close. Now, behind the scenes, the bank sells your mortgage to Fannie Mae or Freddie Mac and earns a commission.

But . . . Fannie Mae and Freddie Mac will only buy mortgages UP TO a certain amount (see below).  You'll notice that most Pennsylvania counties have a mortgage limit of $417,000 for a single family home or condominium, however, there are some exceptions, namely, Bucks, Chester, Delaware, Montgomery, Philadelphia, Pike, and York counties.


And, you'll notice that the maximum loan amount increases with the number of units. Two-Family is a duplex, Three Family is a triplex and of course a 4-unit building. Loans ABOVE these mortgage limits are called JUMBO LOANS. A jumbo loan cannot be sold to Fannie Mae or Freddie Mac, so the bank has to keep the loan on their books. _The interest rates are always higher on jumbo loans because the bank is on the hook if there's a foreclosure. The higher the risk, the higher the rate. Too many bad loans can bring down a bank . . .  or Fannie Mae and Freddie Mac.

Now you may be wondering, if my mortgage is sold to Fannie Mae or Freddie Mac, why don't I make my mortgage payment to Fannie or Freddie? Keeping track of millions of mortgages would be overwhelming. Can you image opening up a million envelopes? So Fannie Mae and Freddie Mac contracts with the banks (or servicing companies) to collect your mortgage payment every month, pay the property taxes and homeowner's insurance; and for their efforts, the bank takes a little something out of the mortgage payment every month and remits the balance to either Fannie Mae or Freddie Mac. So where does a mortgage broker fit in?

Think of a mortgage broker as a sub-contractor to the bank. The mortgage broker originates your mortgage and passes it over to a bank for a commission.

2015 Conforming loan limits for Pennsylvania

 One-Family Two-Family Three-Family Four-Family
Adams $417,000 $533,850 $645,300 $801,950
Allegheny $417,000 $533,850 $645,300 $801,950
Armstrong $417,000 $533,850 $645,300 $801,950
Beaver $417,000 $533,850 $645,300 $801,950
Bedford $417,000 $533,850 $645,300 $801,950
Berks $417,000 $533,850 $645,300 $801,950
Blair $417,000 $533,850 $645,300 $801,950
Bradford $417,000 $533,850 $645,300 $801,950
Bucks $417,000 $533,850 $645,300 $801,950
Butler $417,000 $533,850 $645,300 $801,950
Cambria $417,000 $533,850 $645,300 $801,950
Cameron $417,000 $533,850 $645,300 $801,950
Carbon $417,000 $533,850 $645,300 $801,950
Centre $417,000 $533,850 $645,300 $801,950
Chester $417,000 $533,850 $645,300 $801,950
Clarion $417,000 $533,850 $645,300 $801,950
Clearfield $417,000 $533,850 $645,300 $801,950
Clinton $417,000 $533,850 $645,300 $801,950
Columbia $417,000 $533,850 $645,300 $801,950
Crawford $417,000 $533,850 $645,300 $801,950
Cumberland $417,000 $533,850 $645,300 $801,950
Dauphin $417,000 $533,850 $645,300 $801,950
Delaware $417,000 $533,850 $645,300 $801,950
Elk $417,000 $533,850 $645,300 $801,950
Erie $417,000 $533,850 $645,300 $801,950
Fayette $417,000 $533,850 $645,300 $801,950
Forest $417,000 $533,850 $645,300 $801,950
Franklin $417,000 $533,850 $645,300 $801,950
Fulton $417,000 $533,850 $645,300 $801,950
Greene $417,000 $533,850 $645,300 $801,950
Huntingdon $417,000 $533,850 $645,300 $801,950
Indiana $417,000 $533,850 $645,300 $801,950
Jefferson $417,000 $533,850 $645,300 $801,950
Juniata $417,000 $533,850 $645,300 $801,950
Lackawanna $417,000 $533,850 $645,300 $801,950
Lancaster $417,000 $533,850 $645,300 $801,950
Lawrence $417,000 $533,850 $645,300 $801,950
Lebanon $417,000 $533,850 $645,300 $801,950
Lehigh $417,000 $533,850 $645,300 $801,950
Luzerne $417,000 $533,850 $645,300 $801,950
Lycoming $417,000 $533,850 $645,300 $801,950
Mckean $417,000 $533,850 $645,300 $801,950
Mercer $417,000 $533,850 $645,300 $801,950
Mifflin $417,000 $533,850 $645,300 $801,950
Monroe $417,000 $533,850 $645,300 $801,950
Montgomery $417,000 $533,850 $645,300 $801,950
Montour $417,000 $533,850 $645,300 $801,950
Northampton $417,000 $533,850 $645,300 $801,950
Northumberland $417,000 $533,850 $645,300 $801,950
Perry $417,000 $533,850 $645,300 $801,950
Philadelphia $417,000 $533,850 $645,300 $801,950
Pike $625,500 $800,775.00 $967,950 $1,202,925.00
Potter $417,000 $533,850 $645,300 $801,950
Schuylkill $417,000 $533,850.00 $645,300 $801,950.00
Snyder $417,000 $533,850 $645,300 $801,950
Somerset $417,000 $533,850 $645,300 $801,950
Sullivan $417,000 $533,850.00 $645,300 $801,950.00
Susquehanna $417,000 $533,850.00 $645,300 $801,950.00
Tioga $417,000 $533,850 $645,300 $801,950
Union $417,000 $533,850 $645,300 $801,950
Venango $417,000 $533,850 $645,300 $801,950
Warren $417,000 $533,850 $645,300 $801,950
Washington $417,000 $533,850 $645,300 $801,950
Wayne $417,000 $533,850 $645,300 $801,950
Westmoreland $417,000 $533,850 $645,300 $801,950
Wyoming $417,000 $533,850 $645,300 $801,950
York $417,000 $533,850 $645,300 $801,950







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