One of our preferred lenders, Kevin Miller with Fairway Mortgage, explains the new conforming loan limit increase below:
“The Federal Housing Finance Agency (FHFA) announced on 11/23/2017 that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac. Previously the maximum baseline loan limit was $424,100 and has now been increased to a baseline of $453,100. This loan limit change will take effect through Fairway Independent Mortgage Corp as of December 4, 2017 and will allow for loans that would previously be dictated as JUMBO to fall inside the conforming guidelines. A map showing the maximum loan limits across the country can be found here.
What this means for potential homeowners is that those seeking financing on larger purchase price homes will now be able to qualify using the conforming guidelines rather than the JUMBO ones which held some additional requirements. This not only makes the transactions easier for primary residence home purchases but secondary/vacation homes as well.
For additional information about this change and how it may impact your financing options feel free to contact me at 910-465-2414 or via email at firstname.lastname@example.org .”