Monthly Archives :

November 2019

Conforming & VA Loan Limit Changes for 2020
Conforming & VA Loan Limit Changes for 2020 admin
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FHFA Announced Increase in Conforming Loan Limits for 2020

The Federal Housing Finance Agency announced that it is raising the conforming loan limits for Fannie Mae and Freddie Mac to more than $510,000.

In most of the U.S., the 2020 maximum conforming loan limit will be raised to $510,400, up from 2019’s level to $484,350.

Median home values generally increased in high-cost areas in 2019, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $765,600 — or 150% of $510,400.

For a map showing the 2020 maximum loan limits across the U.S., click here

Government backed loans typically follow suit and will match the new conforming loan limits but no formal announcement has been made.

Vellum is immediately accepting mortgage applications with the new loan limits.

VA Loan Limits to be Lifted in 2020

Earlier this year, the President signed a bill into law that allows the Department of Veterans Affairs to back loans that exceed the conforming loan limit. The bill, H.R. 299, enables homebuyers using a VA loan to borrow above the 2019 limit of $484,350 for most counties, without any down payment.

In addition to alleviating limits for veterans looking to purchase a home, H.R. 299 temporarily increases rates for certain loans by 0.15-0.30%, the VA said. The slight bump in loan fees is intended to help finance health care costs for veterans who are suffering the effects of Agent Orange exposure as a result of their service.

Additional changes to the VA’s loan guaranty program include the elimination of funding fee differences for borrowers who are veterans versus those who are members of the Reserve. It also removes the loan limit for the Native American Direct Loan Program, exempts Purple Heart recipients from paying loan fees and authorizes VA-designated appraisers to rely on third parties for appraisal-related information.

VA loan limit will be lifted for loans that are guaranteed on or after January 1, 2020.

Verified by Vellum, Your Client’s First Step
Verified by Vellum, Your Client’s First Step 1024 536 nathanburch

A fully underwritten Verified Pre-Approval by Vellum streamlines the homebuying process and allows your clients to shop with confidence. We are excited to share in the homebuying experience.

  • Gain Confidence & Feel Secure

    Be able to submit an offer with confidence knowing it provides proof of the ability to obtain financing.

  • Enjoy a Faster Closing Period

    Close in as few as 8 days. A quick closing can sometimes be the difference in your clients offer being selected.

  • Save Your Clients Money

    Strengthen the buyers ability to negotiate. With no concerns about a clients ability to purchase the home, your clients offer will stand out amongst the others.

  • Experience Matters

    With a deep understanding of local real estate and mortgage options we provide the best custom solutions for your clients specific financial story.

Get Your Clients Started Out on the Right Foot with a Verified Pre-Approval

Happy Veterans Day
Happy Veterans Day. Thank You for Your Service.
Happy Veterans Day. Thank You for Your Service. 1024 536 admin
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$500.00 Lender Credit for Veterans1

You served our country. Now it’s time for us to serve you. We are proud to offer a $500.00 lender credit at settlement to any qualified Veteran, active duty U.S. Military member, Reservists and National Guard member who locks a loan with Vellum Mortgage during the months of November and December 2019.

About the VA Home Loan
The VA home loan helps Service members, Veterans, and eligible surviving spouses achieve the American dream of homeownership. The VA home loan typically requires no downpayment mortgage with no mortgage insurance required. With a VA loan you can buy or build a home, or refinance an existing home mortgage.

If you’re thinking about buying a home or refinancing, contact me for more information. We look forward to serving you!


1. This product or service has not been approved or endorsed by any governmental agency, and this offer is not being made by an agency of the government. Additional qualifying requirements and restrictions apply based on specific loan type. Lender credit offer available for purchase and refinances with submission of DD-214. This advertisement must be referenced at least 7 days prior to closing to receive this promotion. Loan must be locked between November 1, 2019 through December 31, 2019 but the loan may close any time within 90 days of application. The lender credit may not result in cash back to the borrower at closing. This is not a promise to lend. 11/8/2019.