Conforming Loan Limits Increase to $715,000
At Greenway Mortgage, we’re passionate about opening doors for home buyers.
Recording-breaking home price appreciation in 2021 and 2022 has resulted in an increase in conforming loan limits.
To reflect changing home prices and to increase home buying power, we’ve increased our Conventional Mortgage loan limits to $715,000 which will give buyers more wiggle room to qualify!
Loan Limits Just Got Higher
Previously, conforming loans were available up to 647,200. With recent changes, that limit has increased to $715,000!
- 1 Unit: $715,000
- 2 Units: $916,000
- 3 Units: $1,107,000
- 4 Units: $1,376,000
What can this mean for homebuyers?
-
Clients can potentially borrow more through a conventional, typically lower rate loan.
-
Homebuyers may be able to access lower down payment options for larger loan amounts without paying mortgage insurance for the life of the loan.
-
Borrowers may be able to combine (or avoid) smaller 1st and 2nd mortgages.
If you have questions about this change, please reach out to the experts at Greenway Mortgage. And if you have friends who may benefit from the news, please pass it along. We are happy to help.
