When it says loan limits for a particular state does that mean that is the most you can get for a primary home?

When you look at Loan limits, those are the maximum amount you can FINANCE in that area.. primary or not... so if the maximum loan limit for your area is $271K, you can purchase a $571K home, but you would need to put $300K down, so you don't exceed the maximum loan limit for your area... Keep in mind that FHA, VA, and USDA cannot be used for non-owner occupied purchases... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

There are two different types of limits. FHA requires the home you are purchasing to be a primary residence and their limit is the maximum loan amount you can borrow. Conventional loans also have limits. With a conventional loan it does not matter if it is owner occupied, second (or vacation) home, or rental property. In most parts of the country, the loan limit is $417,000. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Yes it will be the max that they will lend you.