Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017
The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2017 will increase. In most of the country, the 2017 maximum loan limit for one-unit properties will be $424,100, an increase from $417,000. This will be the first increase in the baseline loan limit since 2006. Read more..
This means for one unit (one single family can live in this space) you can borrow more as long as your Credit score is based on the loan product, your debt as compared to your income is at under a certain percentage and you have some funds (about 7% of the purchase price) to go towards to the purchase - (Down-payment and closing costs).
In the event that you need help finding the funds to assist towards the purchase there are a couple out there especially for first time home buyers, contact me today to get started with the journey. IT IS POSSIBLE!