Recently, the Federal Housing Finance Agency just announced a change that will make it easier for people in Los Angeles and Orange County to get into a new home. Specifically, they’ve increased the conforming loan limits. With these changes, it has become even easier to qualify for this loan program. To learn more about what you need to know and how you can take advantage, watch this short video.
Hi everyone we got some great news recently that could help save homebuyers a lot of money and help them get into a new home the federal housing finance agency announced that their increase in the conforming loan limits for all of the country and more specifically for los angeles orange county it’s really gonna help out a lot of folks for los angeles in orange county
They’ve increased the conforming loan limit from six hundred thirty six thousand $150 to six hundred seventy nine thousand six hundred fifty dollars it’s a big big big help big increase that’s really gonna help a lot of folks get into a new home the stuff they’ve also increased the limits for two to four unit properties more specifically for two unit properties
They’ve raised a limit to eight hundred seventy thousand two hundred twenty-five dollars and for three unit properties they raised the limit to one million fifty one thousand eight hundred seventy five thousand i’m sorry one million fifty one thousand eight hundred seventy-five dollars and even for forty two properties for folks looking to buy for unit property
And maybe live in a unit they raise that limit to 1.3 million seven thousand one hundred seventy five dollars so this is really great news it is great news and what this means for buyers is that if your loan amount is within these limits you can qualify for a conforming loan rather than a jumbo loan and conforming loans typically has lower interest rates than a
Jumbo loan and it is definitely easier to qualify for a conforming loans also do not have the cash reserve requirements that jumbo loans have which is a minimum six months that you have to have in your account and can be twelve to eighteen months that they want you to have as far as principal interest tax and insurance is concerned and if you are a homeowner you
Also can use a jumbo loan if you would like to refinance and save yourself some money if your loan falls within these requirements absolutely so not only can they save money and interest but they they won’t need as much money reserves in order to qualify for a loan absolutely so it’s gonna help out a lot of folks make it easier for them to get into a new home i’m
Tim attica and i’m robert crowe with imagine realty i boutique real estate team within keller williams realty serving the greater los angeles and orange county area if you’re looking to make a move perhaps buy home or sell a home or buy an investment property give us a call at oh
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Long Beach Real Estate Agent: What Does the Federal Housing Finance Agency's Announcement Mean? By Tim Majka Real Estate Experts
