Conventional Loan Limits in PA 2024
Navigating
the landscape of conventional loans brings to light an array of
terms, from maximum loan amounts to county-specific limits.
Understanding these nuances is crucial for homebuyers seeking a
mortgage within the conventional framework.
The maximum conventional loan amount varies, guided by FNMA loan
limits and specific county regulations. Whether you're exploring
high-balance loan limits or delving into jumbo mortgage options in
Pennsylvania, this comprehensive guide sheds light on the
intricacies of conventional loans.
From Fannie Mae's lending limits to conforming loan thresholds, this
exploration provides valuable insights for deciphering mortgage
amounts' complexities and loan types.
2024 Conforming Loan Limits for PA Counties
One-Family | Two-Family | Three-Family | Four-Family | |
---|---|---|---|---|
Adams | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Allegheny | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Armstrong | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Beaver | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Bedford | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Berks | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Blair | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Bradford | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Bucks | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Butler | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Cambria | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Cameron | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Carbon | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Centre | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Chester | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Clarion | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Clearfield | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Clinton | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Columbia | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Crawford | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Cumberland | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Dauphin | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Delaware | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Elk | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Erie | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Fayette | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Forest | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Franklin | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Fulton | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Greene | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Huntingdon | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Indiana | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Jefferson | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Juniata | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Lackawanna | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Lancaster | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Lawrence | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Lebanon | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Lehigh | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Luzerne | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Lycoming | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Mckean | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Mercer | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Mifflin | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Monroe | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Montgomery | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Montour | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Northampton | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Northumberland | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Perry | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Philadelphia | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Pike | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
Potter | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Schuylkill | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Snyder | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Somerset | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Sullivan | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Susquehanna | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Tioga | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Union | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Venango | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Warren | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Washington | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Wayne | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Westmoreland | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
Wyoming | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
York | $766,550 | $981,500 | $1,186,350 | $1,474,400 |
What is the Maximum Conventional Loan Amount?
The Fannie Mae conforming loan limit denotes the highest sum of
money that the government-sponsored enterprise, Fannie Mae, commits
to guarantee or purchase from lenders to maintain liquidity in the
mortgage market. Revised annually, this limit signifies the maximum
loan amount eligible for Fannie Mae's support.
The conforming loan limit establishes a uniform framework by
standardizing mortgage lending. It ensures that loans falling within
this range adhere to specific guidelines, contributing to stability
and liquidity within the housing finance market.
Borrowers seeking mortgages below this threshold may enjoy more
favorable terms and interest rates, given that these loans are
perceived as less risky by lenders supported by Fannie Mae. The
specific limit is contingent on various factors, encompassing the
overall health of the housing market and fluctuations in home
prices.
Conclusion
In conclusion, to make an educated choice about your mortgage, it
is essential to comprehend the lending restrictions of conforming
loans in Pennsylvania. Before signing any paperwork, it's necessary
to weigh your alternatives for a mortgage loan and make sure you
understand everything.
As a prospective home buyer, you should investigate lenders and
evaluate their loan conditions, costs, and interest rates.
It's also important to remember that conforming loan limitations in
Pennsylvania might alter due to market changes.
SOURCE: U.S. Department of Housing and Urban Development
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