In 2024, what is the conforming loan limit for a two-unit property in a standard cost area?
Correct Answer
A) $981,500
For 2024, the conforming loan limit for a two-unit property in standard cost areas is $981,500. Conforming loan limits increase for properties with more units, with specific multipliers applied to the baseline single-family limit of $766,550.
Why This Is the Correct Answer
For 2024, the conforming loan limit for a two-unit property in standard cost areas is $981,500. Conforming loan limits increase for properties with more units, with specific multipliers applied to the baseline single-family limit of $766,550.
More Mortgage Knowledge Questions
A borrower refinances their home with a cash-out refinance loan of $750,000. The original loan balance was $400,000, and they're taking $300,000 in cash. If conforming limits allow $766,550, how is this loan classified?
A lender charges a 1% origination fee on all loans. For a borrower obtaining a $250,000 mortgage, what is the maximum origination fee that can be charged without violating the points and fees test under the ATR/QM rule for a first-lien mortgage?
A borrower is considering paying discount points to reduce their interest rate. Each point costs 1% of the loan amount and reduces the rate by 0.25%. On a $300,000 loan, how much would the borrower pay for 2 discount points?
Under TRID regulations, discount points must be disclosed on the Loan Estimate in which section?
A borrower is refinancing a $350,000 property. The existing first mortgage balance is $200,000, and they want to take $75,000 cash out. What will be the new LTV ratio?
During the draw period of a HELOC, what type of payments are borrowers typically required to make?
A borrower submits a loan application but fails to provide their Social Security number, claiming privacy concerns. The MLO has obtained the borrower's name, income, estimated property value, loan amount, and property address. According to TRID regulations, what is the status of this submission?
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A borrower receives their Closing Disclosure on Monday and notices the APR has increased by 0.2% from the Loan Estimate. What must happen?
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A borrower is refinancing a duplex they own as an investment property. The current loan balance is $485,000, and they want to cash out $75,000. The property is in an area with a $650,000 conforming limit. What additional GSE restriction applies?