Loan Limits have increased across the Nation and possibly in your area code. Thus, if you struggle with 20% down, high debt to income ratios, or are looking for easier underwriting then you are in luck! Conventional or government loans such as Fannie Mae, Freddie Mac, Federal housing administration (FHA) or Veteran (VA) loans they have all announced an increase in loan sizes. This allows clients of those programs more borrowing power, which is good news for you. The national conforming loan limit will rise from $417,100 to $453,100 in 2018 and high balance limits per county are also increasing. For your county use this link https://entp.hud.gov/idapp/html/hicostlook.cfm. Please call us for more information on FHA and VA in your area.
As housing prices continue to rise, many clients are struggling to qualify for loans. This increase should assist them and open up more options for low down payment options like for 5% down for primary and 10% down for secondary homes. Also, much easier underwriting for higher loan sizes.
Please feel free to reach out to our team to connect you with a lender who can find the perfect loan for you!