Beginning in 2017, conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac will increase to $424,100 (compared to the current $417,000 limit) in most parts of the nation. High-cost area loan limits will increase to $636,150. This is the first increase to the baseline loan limit since 2006!
These increases are a result of housing appreciation, which is great news for our industry and the purchase market. Additionally, borrowers with loans just above the jumbo limit will have expanded options.
While Fannie and Freddie may adjust the loan limits effective as of January 1, 2017, Waterstone Mortgage will be able to close and fund those transactions as early as December 10, 2016. Waterstone Mortgages’ position as a direct lender to both Fannie and Freddie will ensure we can offer expanded loan limits to more borrowers.
Please contact me to learn more, or if there is anything I can assist you or your clients with.
Looking forward to closing out 2016 strong, and a successful 2017!
Barry Botwin, Waterstone Mortgage, Senior Mortgage Advisor, NMLS # 216724
(407) 645-6315
bbotwin@waterstonemortgage.com
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source http://www.orlandoflhomesandland.com/loan-limit-increases/
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