arizona mortgage loans: Conforming Loan Limits To Increase In 2024 To $766,550
- 12/04/23 11:13 AM
Good news in that "conforming loan" limits for borrowers of single family homes will increase $40,350 to $766,550 in 2024 for many metro areas in the US including Phoenix and Maricopa County. The Federal Housing Finance Agency (FHFA), states that "Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit” (CLL) value. Loans above this amount are known as jumbo loans." FOR IMMEDIATE RELEASE 11/28/2023 Washington, D.C. – "The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae … (10 comments)
arizona mortgage loans: Mortgage Rates Inch Up...Buy Now or Wait?
- 07/18/23 10:44 AM
Should you buy a home now or try and time the market and buy later if mortgage rates come down? This is always a difficult decision especially when life is drawing you to buy a home. (photo: Pixabay) There may be a window of opportunity to own a home in the Phoenix Arizona metro now with home prices having declined somewhat while mortgage rates are inching up with inflation. Remember, you can marry the home of your dreams but only have to date the mortgage rate. One can date the rate by refinancing later when rates decrease. Over the past 100+ years … (2 comments)
arizona mortgage loans: FHA 2023 Loan Limits Increased for Phoenix Arizona Metro Area
- 12/01/22 06:42 PM
Exciting news to help with your home purchase! "HUD has increased the popular 3.5% down payment FHA loan limits for 2023" per Ryan Spencer of AZ Mortgage Group, LLC. Specifically, "Maricopa County (Phoenix Metro) FHA loan limits will increase from $441,600 to $530,150 for single-family residences. This is a $88,550 increase that goes into effect on January 1st, 2023." (Photo: Family White 77 from Pixabay) Maricopa County Arizona FHA Loan Limit Breakdown: $530,150 Single Family $648,700 Two-Family … (0 comments)
Per Bob Silva, Loan Officer with VIP Mortgate, "To stay in line with the Fannie Mae increase in loan limits from $417,000 to $424,100 which becomes effective with loan applications taken after Dec. 10th ……FHA has followed suit to maintain their 65% of federal conventional loan limit
This means for Maricopa County the maximum loan amount for FHA is currently $271,050 and will be moving to $275,665 starting with Case numbers pulled on or after January 1st.
With the FHA loan minimum down payment … (4 comments)
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Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
Good news in that "conforming loan" limits for borrowers of single family homes will increase $40,350 to $766,550 in 2024 for many metro areas in the US including Phoenix and Maricopa County. The Federal Housing Finance Agency (FHFA), states that "Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit” (CLL) value. Loans above this amount are known as jumbo loans."
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