“Conforming loan”的意思、由来-开放百科全书

In the United States, a conforming loan is a mortgage loan that conforms to GSE (Fannie Mae and Freddie Mac) guidelines.^[1] The most well-known guideline is the size of the loan, which, for 2019, was generally limited to $484,350 for single family homes in the continental US.^[2] Other guidelines include borrower's loan-to-value ratio (i.e. the size of down payment), debt-to-income ratio, credit score and history, documentation requirements, etc.^[3]

In general, any loan that does not meet guidelines is a non-conforming loan. A loan that does not meet guidelines specifically because the loan amount exceeds the guideline limits is known as a jumbo loan.^[1]

History

Starting in 1970, Fannie Mae was authorized by the United States Government to purchase residential mortgage loans. Fannie Mae worked with Freddie Mac to develop uniform mortgage documents and national standards for what would come to be known as a conforming loan.^[1]

Importance

Fannie Mae and Freddie Mac are continuously in the market for conforming loans; because of this, conforming loans benefit from greater liquidity than non-conforming loans.^[1]

Criteria

The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limits that dictates the mortgages that Fannie Mae and Freddie Mac can buy.^[4] The maximum loan amount is set based on the October-to-October changes in median home price, above which a mortgage is considered a jumbo loan, and typically has higher rates associated with it. This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for a non-conforming loan much less. By virtue of the laws of supply and demand, then, it is harder for lenders to sell the loans, thus it would cost more to the consumers (typically 1/4 to 1/2 of a percent.)

A temporary increase in the Conforming Loan Limits for high-cost areas of living was incorporated into the 2008 economic stimulus package. Congress authorized an increase of the single family residences limits to the lesser of $729,750 or 125% of the median home value within a metropolitan statistical area (MSA). The new Jumbo-Conforming program was adopted by Fannie Mae and Freddie Mac effective from April 1, 2008 until December 31, 2010.^[5] The bill was signed into law by President Bush on February 13, 2008,^[6] but the new rates were not being honored by any lenders (as of March 30, 2015).

The general loan limits for 2017 increased and apply to loans delivered to Fannie Mae in 2017 (even if originated prior to 1/1/2017). This was the first time the base loan limits had increased since 2006. 2018 and 2019 saw a further increase.^[2]

Conforming Loan Limits

Year

Historical Conventional Loan Limits

High Cost Area*

Single Family

Two Family

Three Family

Four Family

Second Loan

Single Family

2019

$ 484,350

$ 620,200

$ 749,650

$ 931,600

$ 242,175

$ 726,525

2018

$ 453,100

$ 580,150

$ 701,250

$ 871,450

$ 226,550

$ 679,650

2017

$ 424,100

$ 543,000

$ 656,350

$ 815,650

$ 208,500

$ 636,150

2016

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2015

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2014

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2013

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2012

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2011

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2010

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2009

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2008

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2007

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2006

$ 417,000

$ 533,850

$ 645,300

$ 801,950

$ 208,500

$ 625,500

2005

$ 359,650

$ 460,400

$ 556,500

$ 691,600

$ 179,825

$ 539,475

2004

$ 333,700

$ 427,150

$ 516,300

$ 641,650

$ 166,850

$ 500,550

2003

$ 322,700

$ 413,100

$ 499,300

$ 620,500

$ 161,350

$ 484,050

2002

$ 300,700

$ 384,900

$ 465,200

$ 578,150

$ 150,350

$ 451,050

2001

$ 275,000

$ 351,950

$ 425,400

$ 528,700

$ 137,500

$ 412,500

2000

$ 252,700

$ 323,400

$ 390,900

$ 485,800

$ 126,350

$ 379,050

1999

$ 240,000

$ 307,100

$ 371,200

$ 461,350

$ 120,000

$ 360,000

1998

$ 227,150

$ 290,650

$ 351,300

$ 436,600

$ 113,575

$ 340,725

1997

$ 214,600

$ 274,550

$ 331,850

$ 412,450

$ 107,300

$ 321,900

1996

$ 207,000

$ 264,750

$ 320,050

$ 397,800

$ 103,500

$ 310,500

1995

$ 203,150

$ 259,850

$ 314,100

$ 390,400

$ 101,575

$ 304,725

1994

$ 203,150

$ 259,850

$ 314,100

$ 390,400

$ 101,575

$ 304,725

1993

$ 203,150

$ 259,850

$ 314,100

$ 390,400

$ 101,575

$ 304,725

1992

$ 202,300

$ 258,800

$ 312,800

$ 388,800

$ 101,150

$ 303,450

1991

$ 191,250

$ 244,650

$ 295,650

$ 367,500

$ 95,625

$ 286,875

1990

$ 187,450

$ 239,750

$ 289,750

$ 360,150

$ 93,725

$ 281,175

1989

$ 187,600

$ 239,950

$ 290,000

$ 360,450

$ 93,800

$ 281,400

1988

$ 168,700

$ 215,800

$ 260,800

$ 324,150

$ 84,350

$ 253,050

1987

$ 153,100

$ 195,850

$ 236,650

$ 294,150

$ 76,550

$ 229,650

1986

$ 133,250

$ 170,450

$ 205,950

$ 256,000

$ 66,625

$ 199,875

1985

$ 115,300

$ 147,500

$ 178,200

$ 221,500

$ 57,650

$ 172,950

1984

$ 114,000

$ 145,800

$ 176,100

$ 218,900

$ 57,000

$ 171,000

1983

$ 108,300

$ 138,500

$ 167,200

$ 207,900

$ 108,300

$ 162,450

1982

$ 107,000

$ 136,800

$ 165,100

$ 205,300

$ 107,000

$ 160,500

1981

$ 98,500

$ 126,000

$ 152,000

$ 189,000

$ 98,500

$ 147,750

1980

$ 93,750

$ 120,000

$ 145,000

$ 180,000

N/A

$ 140,625

Limits for Alaska, Hawaii, Virgin Islands and Guam are 50% higher. Virgin Islands was designated a high cost area in 1992 and Guam in 2001.

Prior to 1984, second mortgage limits were the same as first mortgage limits. Subsequent legislation reduced the limits to 50% of first mortgage limits. Fannie Mae had no second mortgage program before 1981.

References

1. ^¹²³{{cite book | last = Wiedemer | first = John | authorlink = John P Wiedemer | coauthors = | title = Real Estate Finance, 8th Edition | publisher = Prentice Hall | year = 2001 | location = | pages = 44, 78–86 | url = | doi = | id = }}
2. ^¹{{cite web|title= FHFA Announces Maximum Conforming Loan Limits for 2018|date=28 November 2017|url=https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Maximum-Conforming-Loan-Limits-for-2018.aspx|publisher=Federal Housing Finance Agency|access-date=25 May 2018}}
3. ^{{cite web|title=Mortgage Tools - Conforming Loan Limits|url=http://www.zillow.com/mortgage-rates/mortgage-tools/conforming-loan-limits/|publisher=Zillow|accessdate=21 September 2013}}
4. ^http://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
5. ^[https://www.efanniemae.com/sf/refmaterials/loanlimits/]
6. ^[https://www.washingtonpost.com/wp-dyn/content/article/2008/01/24/AR2008012400532_2.html?sid=ST2008012401981 Bush, House Hammer Out $150 Billion Stimulus Bill](2008), Washington Post
7. ^[https://www.fanniemae.com/content/fact_sheet/historical-loan-limits.pdf Historical Conventional Loan Limits], Fannie Mae, Last updated 2011-12-31. (.pdf, 23KB, 1 page)
8. ^[https://www.fanniemae.com/singlefamily/loan-limits Loan Limits for Conventional Mortgages], Fannie Mae, Last updated 2016-07-01.
9. ^[https://www.fanniemae.com/singlefamily/loan-limits# Loan Limits for Conventional Mortgages], Fannie Mae, Last updated 2017-04-19.
10. ^{{Cite news|url=http://www.military.com/money/va-loans/home-purchase/va-loan-limits-for-high-cost-counties.html|title=VA Loan Limits for High-Cost Counties: Updated for 2017|last=Harris|first=Shiva|work=Military.com|access-date=2017-07-21|language=en}}