Loan limits

Loan limits are the maximum amount of money a lender agrees to lend you for a specific loan, such as a mortgage. These limits are set by government programs or financial institutions to control risk and ensure affordability. For example, in a home loan, the limit might vary based on your location and property type, affecting how much you can borrow. Understanding these limits helps you plan your budget and know how much financing you can access for your purchase or project.