The Federal Housing Finance Agency (FHFA) recently announced that conforming loan limits are increasing for the second straight year. This means that even with rising home prices, there may still be affordable loan options for homebuyers.
Based on the fact that average home prices have increased by 6.8% during the third quarter of 2017, the FHFA has increased the conforming loan limits by that same percentage. Conforming loans usually have lower interest rates and down payment requirements, as well as more flexible qualifications.
The baseline maximum conforming loan limits for 2018 will increase from $424,100 to $453,100.
Are you considering purchasing a home in 2018? You might be able to take advantage of a more affordable loan option, particularly if you are looking to buy in a market with rising home prices.
“These higher loan limits create more borrowing opportunities – whether you’re a potential homebuyer or a homeowner seeking to refinance,” says A. Wade Douroux, President and CEO of Resource Financial Services. “This gives homebuyers access to higher amounts through conventional lending – which is also good news for sellers this year.”
The knowledgeable mortgage bankers at Resource Financial Services can help you figure out if the new conforming loan limits apply to you. They can answer all your questions and have a wide range of programs that may benefit you, including FHA, VA, USDA and Jumbo loans.
“Get in touch with us soon to discuss how these loan limits can help you with a home purchase or refinance,” says Douroux.
Resource Financial Services exists to make people’s dreams of home ownership a reality. The mortgage lender offers experienced mortgage specialists who work hard to educate homebuyers about the wide variety of loan programs that can be tailored to meet individual financial needs. Homebuyers can expect quicker closings, same-day pre-approval, 5-Day Processing and guaranteed lower rates.
Call toll-free at 877.797.4545 to speak with a mortgage banker or visit Resource Financial Services online at rfsmortgage.com to learn more.