Understanding Conventional Mortgages-For conventional mortgages (those which may be purchased from local lenders by national organizations such as Fannie Mae and Freddie Mac, the loan limits for owner-occupied properties are:
One-Unit (single family) -$417,000
Duplex - $533,850
Triplex - $645,300
Quad (fourplex) - $801,950
For properties in Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the loan limits are 50 percent higher.
One-Unit -$625,500
Duplex - $800,775
Triplex - $967,950
Quad - $1,202,925
Also, beginning in 2009 there are now loan limits for so-called "higher cost" areas. These selected areas are located in California, Colorado, Connecticut, The District of Columbia, Florida, Georgia, Hawaii, Idaho, Massachusetts, Maryland, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Utah and Virginia. For a list of specific areas and loan limits, please press here and also be certain to speak with local lenders.
