The Federal Housing Finance Agency (FHFA) recently released the home-price index for the third quarter and their findings are quite interesting. It looks like the U.S real estate market continues to grow with an increase of 6.5% in the past year. With a healthy and vibrant economy, the real estate market moves forward as demand continues to increase as well.
So, what does this mean for home buyers who are looking to finance their next home? Well, the same agency that released the real estate data also determines the direction for Fannie and Freddie conforming loan limits. The FHFA will be increasing the limits for 2018, and if you’re looking for your next home, know that there is some relief in sight. For example, the loan limit in Los Angeles County will increase to $679,650 and in Dallas County the loan limit will increase to $453,100. Click here to look up your county. This adjustment will help alleviate the burden for homebuyers seeking to take advantage of lower interest rates through conforming loan programs.
If you’re in the market today and need to find a lender to work with, give me a call and I can help you finance your next mortgage transaction. I’m ready to answer your financing questions, and I have plenty of experience with loan limits, mortgage products and market information to help you make the right choice. Give me a call or shoot me an email if you’re ready to get started or if you have any questions.
Source: Federal Housing Finance Agency