New Loan Limits Just Announced

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Filed under: Market Comentary

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New information has been released about the loan limits for conforming loans. This topic has been spreading all over social media already, but I wanted to share the details so that you understand your options. Yesterday, it was announced that lending limits are up, which is great for buyers who are ready to upsize to a better home.

Announcement for Loan Limits

Now, you can purchase a house with the minimum down in conventional lending over $500,000. This number is pretty impressive compared to historical loan limits. With this size of a loan, your down payment can be as low as 3%.

There are many places throughout the United States, and especially here in Southern California where you can buy homes as high as $700,000 with only 3 – 5% down. It’s great news to hear in the mortgage industry since these numbers open up more options for people who are wanting to bump up the size or quality of their homes.

Details about Loan Limits Increases

We’re still waiting for more information about FHA loans. But you can expect better options for both conventional and VA loans. Now you can purchase a home with minimal down, even on the higher-priced properties in the area.

Take a look at this picture to see the details for the county loan limits. Also, feel free to contact me any time if you are interested in learning more about loan limits in other areas.

Don’t forget to like, share, and comment below so that your friends and family can stay up-to-date on the changes that are happening in the mortgage industry. As always, I’m just a phone call away if you are exploring options to buy a new home or refinance your current property. Contact me any time!

 

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