These HUGE updates in the real estate market could significantly impact your home buying or selling plans. And they’re not just interesting – they're potentially game-changing!
Increased Loan Limits
Let's dive into the big news first: the increase in loan limits. The conventional loan limit has now been increased to $765,550, and the FHA loan limit has risen to $621,000.
What does that mean?
Any mortgage amount above these new loan limits is considered a Jumbo loan which usually has stricter requirements to qualify such as higher credit scores, higher down payments, and lower debt-to-income ratios.
You can now buy a home for up to $805,000 with only 5% down using a conventional loan. If you’re getting an FHA loan, you can now buy a home for…
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