Maximum loan amount
Definition
The largest loan size permitted on a particular loan program. For programs where the loan is targeted for sale to Fannie Mae or Freddy Mac, the maximum will be the largest loan eligible for purchase by these agencies. On FHA loans, the maximums are set by the Federal Housing Administration, and vary somewhat by geographical area. On other loans, maximums are set by lenders.
Related Terms Other terms related to 'Maximum loan amount' starting with the letter 'M' Mortgage bank, Maximum loan to value ratio, Mortgage payment, Mortgage auction site, Mortgage price
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