Conventional Loan Limits have Increased!
The surge in home prices during the pandemic has fueled the biggest dollar increase in the conforming loan limit for Fannie Mae and Freddie Mac, making it the highest increase since 1970!
Conventional loan limits have increased from $548,250 to $625,000! What does this mean for homebuyers?
As a buyer, this gives you more buying power! First-time homebuyers can buy a home with a little as 3% down on a $645,000 home!
Only certain lenders are currently accepting these loan limit changes effective immediately. If you or someone you know who is looking to purchase a home has questions regarding the home buying process, please contact me asap to see how much you can qualify for towards the purchase of your new home!
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