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.
ByDavid CharronDecember 27, 2016 Washington Post
Author:Sabrina Brown Phone: 254-563-0424 Dated: January 16th 2017 Views: 1,822 About Sabrina: ...
For our Purchasing Clients: we make sure you have access to EVERY home (not just those we list, or the three or four that we think you might like); and we will never pressure you.
For our Selling Clients: we market the heck out of your home; we give you updates on what we've done to sell your property every week along with feedback and activity on the home; we can also lease your property should it fail to sell--seamlessly. Finally, if you're ever unhappy with us, or your circumstances change, you can cancel our agreement.
Lastly, if you're interested in our Property Management services, visit www.KilleenPropertyManagement.com.
THE MILEAGE CONUNDRUM – WHY MILEAGE DEDUCTIONS ARE VULNERABLE TO IRS
"We had checked around with other companies before deciding to go with Real Estate Market Place, we didn’t get the same comfortable feeling with the others as we got with TREMP. They listened to our needs and their willingness to meet us promptly and treated us like serious buyers and not window shoppers. We always felt like we were number 1. Chip gave up some of his family time during the holidays to work with us and meant a lot; we were able to find a home quicker because of that. The whole purchase went smoothly which was very important to us as well. They were very patient and took time to answer all of our questions.
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