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Loan Limits Increased

We come with great news from the mortgage world this week. Fannie Mae and Freddie Mac are expected to increase the conventional loan limits to over $715k in 2023. The even better news is that are lenders are making an exception and allowing our clients to take advantage of these higher loan limits.. right. Now. Fannie and Freddie sent the conventional loan limits in each county in America every year. This then means that conventional guidelines apply to all loans within these limits. This increase represents an increase of over 10% year over year. So why is this important? Previously, if your loan limits were set at $648,000 in most counties, and if your loan exceeded that amount, you would need to get a jumbo loan. Conventional loans typically have better interest rates and are more lenient on qualifications which definitely favors prospective buyers and home owners. With the new limits, millions of home owners are going to be able to qualify for better rates and an easier process. If you’re looking for a new home, give us a call today.