VIDEO: 2017 Increase To Conforming Loan Limits
I have great news for home shoppers and homeowners alike. The Conforming Loan Limits will increase in 2017. This is the first time these limits have changed since 2006.
Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit.” Loans above this limit are known as jumbo loans.
In most of the country, the 2017 maximum loan limit for single family one-unit properties will be $424,100…which is an increase from current maximum of $417,000.
Limits will be 150 percent higher for four high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. The new ceiling loan limit, which applies in areas with the most expensive homes, will be $636,150.
What this means for you is you may be able to purchase or re-finance your current home with a conforming loan rather than a jumbo loan…and that is more money in your pocket.
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