Conventional Loan Limits are increasing effective immediately! As home prices continue to rise, this update gives home buyers more wiggle room to qualify.
Loan Limits Just Got Higher
Previously, conforming loans were available up to $548,250. With recent changes, that limit has increased to $625,000, about $75,000 beyond our previous limit!
What can this mean for you?
You can potentially borrow more through a conventional, typically lower rate loan.
You may be able to access lower down payment options for larger loan amounts without paying mortgage insurance for the life of the loan.
You 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.