Mortgage lender Guaranteed Rate has made a significant increase to their conforming loan limits, taking them from $726,200 to a maximum of $750,000. This change is a boon for those looking to purchase high-value homes, especially in markets where demand is particularly high and prices have been rising.
The higher conforming loan limits are a result of the Federal Housing Administration keeping loan limits the same for 2021 that they were in 2020, rather than increasing them as is usually done. This is due to the housing market stability brought on by historically low interest rates in the wake of the pandemic.
Key Points:
– Guaranteed Rates increased loan limits to maximum of $750,000
– Change benefits those buying high-value homes, particularly in markets with growing demand and prices
– Loan limit increase result of FHA keeping loan limits the same in 2021 as they were in 2020
– Stabilized housing market due to historically low interest rates caused by pandemic
You can read this full article at: https://www.housingwire.com/articles/g-rate-preemptively-raises-2024-conforming-loan-limits/(subscription required)
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