The Loan Limit Has Been Raised—What Does This Mean for You?
The new loan limit increase from $421,000 to $453,100 is great news for buyers. Here’s why.
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What does it mean now that the Federal Housing Finance Agency has increased the loan limit from $421,000 to $453,100?
Basically, if you’re doing a loan of $450,000, you no longer have to qualify for a more stringent, higher-rate jumbo loan—you can qualify for a normal Freddie Mac or Fannie Mae loan.
This is great news. Interest rates are still low and home prices across the Phoenix metro area and greater US have increased significantly, which are the primary reasons for this loan amount increase.
If you’d like more information about loan qualification, I’d be more than happy to refer you to one of my top lenders, who are experts in every facet of the mortgage industry.
If you have any other real estate questions, don’t hesitate to reach out to me. I’d love to speak with you.
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