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Families Can Get $11,000 More In Loan Funds
Posted in Mortgage Financing, by Robert Freedman on December 19, 2016
5Share  Interest rates are inching up and credit can still be hard to get but there is one bright spot for households hoping to buy a home soon: they can get a larger loan now, thanks to recent loan-limit increases for both conforming loans and loans backed by FHA.
The Federal Housing Finance Agency (FHFA) increased the conforming loan limit a few weeks ago, for the first time in 10 years, and it’s now at $424,100 in most markets, up from $417,000.

That increase didn’t come about by chance. Among other things, the agency last year heard from NAR on making the limits more responsive to changes in market conditions. “NAR encouraged them to use a number of factors that would create the most favorable result in all communities nationwide and did in fact result in an increase in loan limits,” says Megan Booth, an NAR regulatory policy representative.
As a result of that increase, FHA loan limits will also be going up, because those limits are set as a percentage of the conforming limit. Starting in 2017, borrowers in high-cost areas will be able to get loans ... more

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