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Conventional Loan Limits Rise!
We have great news for all of our listeners today coming out of Washington – as a result of rapidly increasing home prices, the maximum conforming loan limits for conventional mortgages has been raised from $424,100 to $453,100 beginning January 1st of 2018.
According to reports, the VA and FHA are expected to follow suit by raising their own loan limits as well – we will be keeping a close eye on this, and will make sure to share with you any updates as soon as they become available as this can have a tremendous impact on our clients buying power.
The decision to raise the loan limit comes from The Federal Housing Finance Agency and their recently published third quarter House Price Index a few days ago. The report showed the average U.S. home value increased by 6.8% since the third quarter of 2016, and in response, raised the baseline maximum conventional conforming loan limit equally by 6.8%, which represents the new $453,100.
As housing prices continue to surge, we expect the government to continue reevaluating loan guidelines to help homebuyers achieve the American Dream, and will certainly keep you posted as new changes become available.
As we wind down our Renovation Loan Luncheon Series, we are excited to share about our next series covering Condominium Financing beginning in January! Look I've had a ton of requests for information about how agents can get a better experience with condominium questions. So if you're an agent that feels they could benefit from learning the importance of the condo questionnaire, understanding how you can get the highest sales price on your condo listing and much more, please call me directly at 561-864-2458 to get information on our upcoming schedule.
Thank you all for listening. We are committed to supporting you. So send us a friend request on Facebook or LinkedIn, and follow us @mattweaverspeaks.
I appreciate you joining me today, hopefully you can find a way to apply your shot into today, until tomorrow, have a better day today than yesterday.
The views of this blog, "Your Morning Shot" podcast, and on this site in general are solely those of the authors, Matt Weaver (NMLS-175651) and Zack Lewis, and do not express the views or opinions of Finance of America Mortgage.
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By Matt Weaver, Zack LewisWe have great news for all of our listeners today coming out of Washington – as a result of rapidly increasing home prices, the maximum conforming loan limits for conventional mortgages has been raised from $424,100 to $453,100 beginning January 1st of 2018.
According to reports, the VA and FHA are expected to follow suit by raising their own loan limits as well – we will be keeping a close eye on this, and will make sure to share with you any updates as soon as they become available as this can have a tremendous impact on our clients buying power.
The decision to raise the loan limit comes from The Federal Housing Finance Agency and their recently published third quarter House Price Index a few days ago. The report showed the average U.S. home value increased by 6.8% since the third quarter of 2016, and in response, raised the baseline maximum conventional conforming loan limit equally by 6.8%, which represents the new $453,100.
As housing prices continue to surge, we expect the government to continue reevaluating loan guidelines to help homebuyers achieve the American Dream, and will certainly keep you posted as new changes become available.
As we wind down our Renovation Loan Luncheon Series, we are excited to share about our next series covering Condominium Financing beginning in January! Look I've had a ton of requests for information about how agents can get a better experience with condominium questions. So if you're an agent that feels they could benefit from learning the importance of the condo questionnaire, understanding how you can get the highest sales price on your condo listing and much more, please call me directly at 561-864-2458 to get information on our upcoming schedule.
Thank you all for listening. We are committed to supporting you. So send us a friend request on Facebook or LinkedIn, and follow us @mattweaverspeaks.
I appreciate you joining me today, hopefully you can find a way to apply your shot into today, until tomorrow, have a better day today than yesterday.
The views of this blog, "Your Morning Shot" podcast, and on this site in general are solely those of the authors, Matt Weaver (NMLS-175651) and Zack Lewis, and do not express the views or opinions of Finance of America Mortgage.