In high-cost areas, the conforming loan limit for 2024 can be as high as what amount for a single-family home?
Correct Answer
C) $1,149,825
In high-cost areas, the conforming loan limit ceiling for 2024 is $1,149,825 for single-family homes. This represents 150% of the baseline conforming loan limit and applies to expensive markets like parts of California, New York, and Hawaii.
Why This Is the Correct Answer
In high-cost areas, the conforming loan limit ceiling for 2024 is $1,149,825 for single-family homes. This represents 150% of the baseline conforming loan limit and applies to expensive markets like parts of California, New York, and Hawaii.
More Mortgage Knowledge Questions
A borrower is comparing two loan offers: Loan A has no points and 4.5% interest rate, Loan B has 2 points and 4.0% interest rate. The loan amount is $400,000. How much will the borrower pay upfront for the points on Loan B?
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?
Under what circumstances can a Qualified Mortgage include a prepayment penalty?
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?
A borrower asks about the difference between discount points and origination fees. What is the most accurate explanation?
People Also Study
Federal Mortgage-Related Laws
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Uniform State Test Content
12% of exam
Previous Question
When completing the URLA Form 1003, borrowers must disclose their monthly housing expense. This information is primarily used to calculate which ratio?
Next Question
A lender wants to sell a pool of conforming conventional loans with loan amounts below the conforming loan limit. Which entities could potentially purchase these loans?