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Jan Bigelow: 928.300.1699
Wally Reule: 928.301.5943
If you’re in the market for a new home, we have some great news. The Office of Federal Housing Enterprise Oversight (OFHEO) that regulates Fannie Mae and Freddie Mac changed the limit for conforming loans on conventional mortgages, increasing the maximum to $484,350 from this year’s limit of 453,100. The increase goes into effect on or after January 1 of the new year. This is the first change to the maximum limit in 10 years.
A conforming loan limit restricts the size of a mortgage that Fannie Mae and Freddie Mac will purchase and/or guarantee. What does this mean for you? If you qualify for the monthly payments, you’ll be able to buy a home that is $31,250 more expensive next year. Also, mortgage rates on conforming loans are often slightly less expensive than those for jumbo loans.
And even better - buyers who don’t have a big down payment can get a conforming loan with as little as 3% down, which means they can qualify for a mortgage of $484,350, rather than being limited to $453,100.
For more information on loan limits, contact Jan or Wally and start the process today!