The Federal Housing Finance Agency (FHFA) announced this week that conforming loan limits are increasing to $647,200. That’s an increase of $98,950 – from $548,250 in 2021.
This means 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. Homebuyers can borrow more money without having to be in a jumbo loan and instead, can be in a conforming loan which offers increased flexibility with loan requirements and lower interest rates.
“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.
How do I take advantage of the new loan limit? 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.
“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. We offer 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.