Maximum Loan Limits Increase Nationwide

Most of the loans done in the United States end up with Fannie Mae, Freddie Mac, or The Federal Housing Administration (FHA).  All three agencies have Maximum Loan Limits, meaning that regardless of someone’s qualification there is a cap on the loan amount.  Over the last few days all three announced increases to those limits.   This year those increases were rather large due to the huge home appreciation rates the industry has seen.

There are two buckets for the caps that vary by area of the country.  Most of the areas we serve in Michigan and Ohio are considered low costs areas.  The low cost areas were increased as follows:

Fannie Mae & Freddie Mac Conforming Loan Limits For 2022
Property Size Baseline Loan Limits
One-Unit $647,200
Two-Units $828,700
Three-Units $1,001,650
Four-Units $1,244.850
 FHA Loan Limits
Property Size Low-Cost Area “Floor”
One-Unit $420,680
Two-Units $538,650
Three-Units $651,050
Four-Units $809,150

 

This is all great news for home buyers and sellers.  For buyers looking in that higher end market they are now able to reach some higher price points without needing “jumbo” financing.  Typically with jumbo loans they have less attractive financing terms and more strict qualifying guidelines.  These welcomed increases are bound to help keep that higher end market moving.  If you have questions or need help with financing your next home don’t hesitate to reach out!

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November Lunch and Learn / Webinar: Low Down Payment Options For Home Buyers

Money, Money, Money, Money

One of the biggest myths out there is that you need a bunch of money to buy a house.  That’s simply not true.  There are a number of No and Low down payment options for home buyers.  On top of that you don’t have to be a first time home buyer to access many of those programs.    During our next lunch and learn we will cover all the different options out there for buyers looking to minimize their down payment.  Over the last couple years its been harder to get a lot of these types of offers accepted.  However, with the market going back to a much more “normal” state it’s not nearly as hard as it was just a few short months ago.  This is the perfect time for Realtors to reconnect with their past customers and get back out there looking.   Come check out this lunch and learn and get a refresh course on low down payment options for buyers!

Hot Topics We Will Cover

Here is a list of some of the things we will cover during the event:

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