I’m pleased to let you know that the government just recently announced a new maximum conforming loan limit for 2018. The reality is that in 2017 the limit was $424,000 and it has now been raised to $453,100.
This is a big deal because it gives consumers more buying power. If you go above the $424,100 threshold, that puts you into the jumbo loan category, and that typically comes with certain downsides such as tighter underwriting guidelines, higher credit minimums, typically higher interest rates, and others.
Those downsides are why it’s important that if you’re able to structure it as a conforming loan, you do so, because it’s just more advantageous for the borrower.
If you’re thinking of purchasing a property or meaning to refinance and you’re in the $500,000 to $600,000 price point range, please reach out to us. We’d be honored to walk you through your options to make sure that we can structure this so that it accomplishes your long- and short-term financial goals.
If there’s anything else that we can do for you, don’t hesitate to ask either. We’d be happy to help you.