Super Conforming Mortgage Loans for High Cost Areas
A Super Conforming Mortgage is a loan that exceeds the Freddie Mac single family loan limit of $453,100 for 2018 set for the majority of the lower 48 states. These were created to address high-cost areas around the country and can go as high as $679,650 for a single family home or condominium depending on the area.
The good news is that these super conforming mortgage rates can often be lower than both conforming and jumbo rates! Request your free rate quote and we will research your county limit for you.
Super Conforming 30 Year Fixed Rates *:
|4.750%||$3,000 lender toward
* Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan. Rate and APR Assumptions: $600,000 loan amount, excellent credit, 40 day lock with a 20% down payment. Purchase of an owner occupied Single Family Home in Los Angeles County, California. If you choose to include your taxes and insurance the actual monthly payment will increase.
Rates as of May 29, 2018 and subject to change. Not available in all states.
1 Assumes 360 payments of $2,995.71 at an interest rate of 4.375%, $600,000 loan amount.
2 Assumes 360 payments of $3,129.88 at an interest rate of 4.750%, $600,000 loan amount.
Following are general Super Conforming loan amount ranges for 2018 (Alaska & Hawaii have higher limits):
|Property Type||Minimum Loan Amount||Maximum Loan Amount*|
|2 Unit Properties||>$580,150||$870,225|
|3 Unit Properties||>$701,250||$1,051,875|
|4 Unit Properties||>$871,450||$1,307,175|
* Actual maximum loan limits are set per county or equivalent area and may be lower than the maximum above.
For loan amounts that exceed the super conforming loan limit in your high cost area you will need a jumbo loan. Request your free rates or give us a call to discuss! 877-791-6990