Finance
What is the maximum loan amount for a standard conforming conventional mortgage in most U.S. markets for a single-family home in 2024?
A$548,250
B$647,200
C$726,200
D$806,500✓ Correct
Explanation
The FHFA sets conforming loan limits annually. For 2024, the baseline conforming loan limit for a single-family home is $766,550 in most areas, but $806,500 is the limit effective for 2025.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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