Announced late last month, the conforming loan limit has been increased! The loan increase may make for a positive change with your future loans. Our mortgage lenders in Lake Ozark, MO are here to break down what this change could actually mean for you!
What is the Conforming Loan Limit?
The conforming loan limit is the maximum amount of money that can be borrowed with a conventional home loan on a single family home.
How Much Did the Limit Increase By?
The loan limit has been increased to $726,200, up from $647,200 in 2022.
What Does the Loan Limit Increase Mean For You?
This loan limit increase means borrowers may qualify for a bigger loan with the more favorable guidelines of a conforming loan. This is great news for buyers and owners alike! Here are some of the benefits:
• Buyers may be able to borrow more money through a conventional, typically lower-rate loan.
• Owners may be able to refinance their "jumbo" loan to a lower rate conforming loan and possibly drop mortgage insurance, too.
• Combining (or avoiding) smaller 1st and 2nd mortgages may now be an option.
• The increase reaffirms the health of the housing market and your decision to invest in a home.
Contact Team Lasson to Learn More!
This change can mean big things! If you have any questions about what this change could mean for you, please contact Team Lasson at (573) 746-7211 or visit our website at www.yourlakeloan.com!
LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.