Update to 2017 Conforming Loan Limits
Fayetteville Mortgage Lender – Jeff Wilmoth
As a LaGrange mortgage professional serving LaGrange, Newnan, Fayetteville and their surrounding areas, I am committed to staying as current as possible on the latest mortgage news. By keeping active on the latest mortgage trends, I can better serve my clients and help them get the best deal possible.
Per Fannie Mae and Freddie Mac, the general loan limit in the United States will jump from $417,000 to $424,100 starting in 2017. Additionally, the High-Cost limit will also increase to $636,150.
The raises were initially announced in late November as a response to steep home prices that happened in 2016. While these numbers are simply general conforming loan limits, each county has their own specific limit and can vary from place to place.
Any amount higher than the ones stated above is considered a Jumbo loan and these are still available across the country. Should you wish to get a mortgage loan in excess of these numbers, the criteria for obtaining one is more difficult than it used to be because of the higher risk that is involved. For example, lenders frequently need you to have a higher credit score with bigger down payments for jumbo loans, although this can vary depending on the lender.
A conforming loan is a type of loan that meets specific guidelines that are set out by Fannie Mae and Freddie Mac, the two government-sponsored enterprises who purchase, bundle and secure mortgages before selling them to interested investors. A conforming loan happens when a loan successfully meets a certain criterion set out by these government-sponsored enterprises.
If you’re interested in obtaining a loan, refinancing a mortgage or renewing one, consulting a mortgage LaGrange GA lender such as myself can benefit you throughout the process. From the very beginning, I will be by your side to help guide you through. As someone who has been in the mortgage lending industry for several years, I understand that the process can be complex and stressful, which is why I aim to make it as easy as possible.
For more information, contact me today!
Source: http://www.loanlimits.org/conforming/