ratio, higher FICO credit scores, and larger amounts of assets in reserve in personal accounts after the closing. The conforming loan limits are reviewed once a year by FHFA but do not have to change. The 2026 conforming loan limits in the 48 contiguous states and Washington D.C. are $819,000 for a single-family home. The limit for a 2-family unit is $1,048,500, a 3-family unit is $1,268,000 and a 4-family unit is $1,575,000. The maximum conforming loan limit for a single-family home in Alaska, and Hawaii is $1,229,000. Your loan officer will tell you exactly what the limits are in the area that you are planning to make your purchase. Now that you know about the mortgage options let’s become familiar with the people involved in making the mortgage process work.
THOSE INVOLVED IN THE LEND VED IN THE LENDING PROCESS
The first person engaged in the lending process is the mortgage loan officer (MLO or LO). The loan officer is the project coordinator, overseeing the transfer of information between you (the prospective buyer) and their organization’s processing and underwriting departments. The loan officer will be in direct contact with the you from the beginning of the mortgage process all the way through closing. The loan officer is licensed with the National Mortgage Licensing System (NMLS). The loan officer’s licensing status can be verified with the NMLS at www.nmlsconsumeraccess.org. The site is simple: you enter in a loan officer’s name, address, and other important information. It will let you know if they are an active registrant in the federal database, if they are authorized to conduct business, and, if so, what organizations they are authorized to represent. The NMLS number is always displayed next to the LO's name on written and electronic material.
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