Today I’ve got some exciting news that could help save homebuyers a lot of money. The Federal Housing Finance Agency just announced that they’re increasing the conforming loan limits across the country.
More specifically, this will really help out a lot of people in Los Angeles and Orange County, where the loan limit was increased from $636,150 to $679,650. That’s a sizeable increase that will really help a lot of people get into a new home.
For two-unit properties, they’ve increased the limit to $870,225. They’ve raised the limit for three-unit to $1,051,875. When it comes to four-unit properties, the limit has been raised to $1,307,175.
This means that if your loan amount is within these limits, you can qualify for a conforming loan rather than a jumbo one. Conforming loans typically have lower interest rates and are easier to qualify for. They also don’t have the cash reserve requirements that a jumbo loan would have.
If you’re already a homeowner, you can refinance and save yourself some money if your home falls within these requirements.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.