While interest rates aren’t taking the cut like borrowers hoped for by now, the Federal Housing Finance Agency just announced what could be a game changer for your path to homeownership.
New maximum loan limits for conforming loans go into effect on January 1st.
So what are conforming loan limits? And how can they help you qualify to buy a home in 2024?
A conforming loan limit is the maximum amount of money you can borrow under a conforming loan through Fannie Mae and Freddie Mac. With an increase in the amount you can borrow, this can open new doors for finding your dream home in 2024.
Conforming loan limits vary by county. Here’s a snapshot of limits for Southern California:
- Los Angeles County: $1,149,825
- Orange County: $1,149, 825
- San Bernardino County: $644,000
- Riverside County: $644,000
- San Diego County: $1,006,250
Conforming loans require borrowers have good credit and strong finances with some incredible benefits as a tradeoff, such as no private mortgage insurance, a better interest rate, and lower overall monthly payment.
Ready to find out how much you qualify for in the New Year?
I’m working with my trusted lenders to help put you in the driver seat to make the move that you’ve been waiting for.
Contact me today to get started!
