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Conforming Loan Limits | More of the Same for 2013

Conforming Loan Limits | More of the Same for 2013
Betsalel Cohen
UpdatedMay 28, 2024
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    4 min read
Key Takeaways:
  • The FHFA announced that general conforming loan limits will remain the same for 2013.
  • The basic limit is $417,000, but there are higher limits available.
  • Learn your options, prepare yourself and shop around.

No Changes in 2013 for Basic Conforming Loan Limits

The Federal Housing Finance Agency (FHFA) announced new conforming loan limits for 2013. More of the same, as the basic maximum limits did not change. (There might be changes for some counties qualifying for different amounts in the high cost areas).

The housing market is showing signs of thawing out after a long period of declining prices. With a decline of foreclosures, increased housing starts and a hopefully improving economy, many households are looking to purchase a home and take a mortgage, or refinance an existing loan.


During 2012, mortgage rates have hit historical lows, with 30-year mortgage rates under 3.5% and 15-year mortgage rates at about 2.75%. According to Freddie Mac’s data, about 80% of all conforming loans are refinance loans.

Government guaranteed or bought loans are the major product on the market, including Fannie Mae and Freddie Mac loans. Loans that meet (or conform to) the underwriting criteria of Fannie Mae and Freddie Mac are called conforming loans. Every year, the Federal Housing Finance Agency (FHFA) issues new conforming loan amounts. If a loan exceeds those amounts and does not qualify for a Freddie Mac or Fannie Mae backing, then it is generally referred to as a jumbo loan.

Quick Tip

Looking for a mortgage? Conforming loan, jumbo loan or HARP refinance loan? Take advantage of historically low interest rates and get a mortgage quote from a mortgage provider.

Conforming Loan Limits – An Overview

The conforming loan limits are set by geographical location (county) and the number of units the borrower is purchasing and financing (from 1 unit to a 4 unit complex). The conforming loan limits for a one-unit property can be summarized as follows:

  • Basic Loan Limit for most places is $417,000.
  • High Cost Area (or Super Conforming Loan Limit) for most places is: $625,500
  • Alaska, Guam, Hawaii and the US Virgin Islands have higher limits.

Here is a table for the basic amounts for a single-family, one-unit home:

Geographical AreaMaximum Base Limit
Contiguous States, D.C. and Puerto Rico$417,000
Alaska, Guam, Hawaii, and US Virgin Islands$625,500
Note: There are higher values for 2-unit to 4-unit transactions.

If you want to find out your county's limit then check out the FHFA Web site. Remember, for most places, the base limit is the limit.

Conforming Loan Limits and Your Options

Since the demise of the subprime mortgage market in 2008, conforming loans are the major type of loans available. However, there are other options, including these three popular ones:

  1. Jumbo loans: Jumbo loans are loans that exceed the conforming (or high area conforming) loan limits. They are available for borrowers with good credit and a loan to value ratio (LTV) up to 70%. Since these loans are available through private lenders, the amounts and conditions vary. Shop around and get a mortgage quote.
  2. FHA Loans: If you are a borrower with very fair credit and/or have a very low downpayment, then a FHA loan is a good possibility. FHA loan limits are in general a bit higher than the conforming loan limits. Shop around and get a mortgage quote.
  3. VA loans: If you are an eligible VA, then a VA loan is a good alternative. Although the VA does not have a maximum loan limit, they do place a limit on the amount they guarantee, which essentially limits the amount a lender will offer you. The VA guarantees (for loans over $144,000) 25% of the loan limits. There limits vary by county and ranged (as of late 2012 from a standard $417,000 to $615,000 with the maximum in certain counties at $1,094,000. Shop around and get a mortgage quote.

As of November 28, 2012, the FHA and the VA have not yet announced their loan limits. Keep tuned to for more updates. Their limits, like the FHFA, are based on the median price data from the Federal Housing Finance Agency.

Prepare and Shop for a Conforming Loan

By preparing your budget, saving money for a large down-payment, lowering your monthly debt payments, and increasing your credit score you will increase your chances to qualify for a mortgage loan at the best rates. Most borrowers should be able to fit into the 2013 conforming loan limits.

When you are ready to buy a home and take a mortgage loan or refinance your current loan, check out your options, then shop around.

Quick tip

Shop Around for you Mortgage! Looking for a conforming loan, jumbo loan, FHA loan, or a VA loan? Take advantage of today’s low rates and Get a mortgage quote from a mortgage provider.

Mortgage market update: the latest

It is expected that mortgage rates are subject to change. Homebuyers and those refinancing their mortgages should pay close attention to the latest mortgage rate

Mortgage rates April 10, 2024
According to Freddie Mac, the 30-year mortgage rate for the week of April 10, 2024 stands at 6.88%. This 6 basis points increase from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for April 10, 2024 is 6.16%, indicating a 10 basis points increase from previous week’s rates.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.

What does the mortgage rate mean for you?
Mortgage rates are one of the key factors that determine your monthly payment. Here are avergage interest rates (APR) for April 14, 2024 based on Zillow date for borrowers with a high credit score (680-740) in the United States:

  • 30-year conventional loan is 7.09%
  • 15-year conventional loan is 6.29%
    Using the rates mentioned above, the monthly payment for a $279,082 30-year-year mortgage would be $1,874. A 15-year mortgage would require a monthly payment of around $2,399.

Explore your options and secure pre-approval today!
To make your life easier, we highly recommend shopping around for mortgages and getting pre-approved. This will streamline the home-buying or refinancing process and make it a breeze. Ready to get started? Check Out mortgage rates now for the best options available.