Lenders are not waiting until the new conforming loan limits are official, as one has bumped up the conforming limit on single family residences to $750,000! That means you could borrow $23,800 more right now than you could at any other time this year and still have a conforming loan. That will come in handy to anyone buying right now as conforming rates, compared to hi balance conforming rates are usually about a half of a point lower. That’s a lot of savings over the life of your new loan! When one lender takes the jump, usually, others follow quickly, so you will probably be able to expect this windfall from multiple lenders within a couple of weeks. Fannie Mae and Freddie Mac typically announce the updated conforming loan limits on 11/28 and then take about two weeks to update their system to accept loans using the new maximum. The fact that buyers and refinancers can take advantage now, almost two months before the official change, is going to make some people very happy! Two unit, three unit and four unit properties have also been raised! To get more information on these numbers and to find out how you can take advantage of this change right now, call Michael E. Mitchell at Mitchell Mortgage. 530-406-2200 and 707-337-5970 mobile!
Leave a Reply