12/11/2019
Big news! New conforming loan limits for our area were announced, all the details are below.
The Federal Housing Finance Agency (FHFA) has announced increases to the conforming loan limit $484,350 to $510,400 for Fannie Mae and Freddie Mac mortgages in nearly every part of the United States. This represents the fourth straight year of increases, which may make it easier for both first-time buyers and established homeowners to buy a home.
What does this mean for All of us?
• Higher purchasing power for buyers with as little as 5% down up to $638,000!
Examples would be a Purchase price of home at $537,260 can obtain financing at 5% down or $26,863 down.
OR Purchase price of $638,000 with an 80/15/5. 80% loan is $510,400, 15% second loan is $95,700, and buyer puts 5% down or $31,900!
• Refinance to consolidate first and second liens from a purchase of a home at lower overall market rates!
Examples would be a borrower has a first lien of $350,000 principal balance at 4.375% and a second lien of $65,625 at 6.25% on a balloon note.
The borrower can refinance the total of $415,625 at current market rates, AND/OR reduce the term by several years saving them
thousands in interest and gaining equity in the home faster!
If you would like me to prepare a scenario for your specific circumstances to see if this might benefit you, message me now!
Also, please share this information with anyone you know looking to buy a home! I am happy to help😊