Jumbo Loan 20162016 Jumbo loan
But after a time of falling house values, HERA also made it clear that the credit base could only increase again once the US property market had recovered to its pre-decline state. Up to this year, the US real estate market stayed below the levels reached in the third quater of 2007, so that the base credit line was not raised.
HPI with extended third Quarter 2016 figures was approximately 1.7 per cent higher than in the third Q3 2007, raising the credit base threshold by this figure. Areas where 115 per cent of the value of the home's own average is higher than the credit line will have a higher credit line.
The HERA credit line limits depend on the surface average value, whereby an "upper limit" of 150 per cent of the credit base is set. As the base credit line will be higher in 2017, the new cap will also be higher. Loan ceilings in areas with the most costly houses will be $636,150 (150% of $424,100) for single-family houses in neighboring U.S. The new loan ceilings will be $636,150 (150% of $424,100). Specific legal requirements set various loan ceilings for Alaska, Hawaii, Guam and the U.S. Virgin Islands.
For these areas, the base loan threshold will be USD 636,150 for single-family homes, but the effective loan thresholds may be higher in some particular sites. Due to the general increases in the value of owner-occupied homes, the raising of the base credit line and the raising of the upper credit line, the upper credit line increased in all but 87 districts (or district equivalents) of the State.
You can find a listing of the 2017 credit lines for all districts and district equivalents of the state here. You can find a card with the national credit ceilings here. You will find a methodological explanation of how to determine credit exposure ceilings in an appendix to this press release as well as a brief clip showing the credit exposure increase and the reasons for it.