Good News About Financing

Good News About Financing

Even though rates are on the increase, credit is not as hard to come by as it was just after the recession, and the Federal Housing Finance Agency has announced it will increase lending limits for 2017. The increase of the conforming loan limits is the first time these have changed since 2006. Previously, anything over $417,000 was considered a jumbo loan for our market, but starting in 2017, the limit will rise to $424,100.

Federal Housing Administration loan limits are also expected to increase slightly, from $271,050 to $275,665. Both of these increases reflect rising confidence in consumer ability to repay larger loan amounts and will provide buyers with more options when it comes time to choose a home. It is important to note that lenders have not become less stringent in their requirements. This loan amount threshold only records the inflationary pressure that the housing market has seen.

Lenders are bringing a number of new mortgage programs to the table that call for a modest down payment and don’t require the buyers to purchase an FHA loan. Typically, lenders require credit scores of at least 620, often over 650, to qualify. We’re also seeing more products from municipal housing agencies that assist many first-time home buyers. This is in addition to the Fannie Mae and Freddie Mac programs that allow for as little as a 3 percent down payment for first-time home buyers with loan amounts below the conforming threshold.

  Washington Post

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Phone: 254-563-0424
Dated: January 16th 2017
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