FHFA announced that the conforming loan limits will be increasing.

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Real Estate Agent with Allison James Elite CA. BRE 01501699

 

#TimeToSell #ChrisBJohnsonRealtor #SellersPayZEROCommission #ListYourHomeandPayNoCommission

Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve....

The FHFA announced that for the 2nd consecutive year the conforming loan limits will be increasing. Here is what this means. The maximum conforming loan limit will go from $424,100 up to $453,100 starting in the new year across all counties. In addition, for high cost areas, the High Balance loan limit also will be increasing. Much of the U.S. isn't affected by this, but here in So Cal we are in the center of the high cost area. So, in Ventura County the new High Balance loan limit will be $672,750 and the new High Balance loan limit in Los Angeles County is $679,650. This is significant because it now opens up a larger percentage of loan amounts that can stay within the Fannie and Freddie conforming loan limits which means borrowers won’t have to go into the Jumbo space where additional DTI, credit and reserve requirements exists. With this new high balance, a borrower can buy in the $840,000 range putting 20% down and still qualify for a conforming loan (previously anything above a $800,000 purchase price would go into the Jumbo space).

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Chris B. Johnson is a REALTOR® who Specializes in Short Sale and REO Transactions. Chris has been Certified as a California Association of Realtors HAFA Specialist, a National Association of Realtors Short Sale and Foreclosure Resource, Chris B Johnson Realtor is a Certified Distressed Property Expert, Certified Short Sale Negotiator, Certified Default Advocate and Certified Pre-Foreclosure Specialist. With a full time staff dedicated to short sale negotiations and transactions, we have been successful with (almost) every short sale to date.  LinkedIn Pro    UpNest    What's Your Home Worth?

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