Potential homebuyers looking to move into bigger homes could face higher mortgage rates and stricter loan qualification requirements as conforming loan limits are reduced starting today.
Those wanting to finance a mortgage greater than $500,000 will have to make a higher down payment. The maximum Federal Housing Authority, Fannie Mae and Freddie Mac conforming loan limit in Ventura County drops from $729,550 to $598,000.
Conforming loan limits determine the maximum amount that Fannie Mae, Freddie Mac and FHA can buy or guarantee on a property. Nonconforming, or jumbo loans, require a larger down payment and higher monthly payments.
“With interest in general being so low now, housing prices at their lowest and a plethora of houses on the market, it’s still definitely the time to buy,” Peerce said.
Lisa Schoeffler, CRS, ASP
Prudential California Realty
805-766-7373
GaryandLisa.com
A member of HomeServices of America, Inc.
a Berkshire Hathaway affiliate Has the market stabilized? Click here for a FREE market snapshot report!
Prudential California Realty
805-766-7373
GaryandLisa.com
A member of HomeServices of America, Inc.
a Berkshire Hathaway affiliate Has the market stabilized? Click here for a FREE market snapshot report!
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