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Monday, 12 February 2018 20:48

2018 Loan Limit Increase

At the beginning of 2018, it was announced that the limit for conventional, FHA and VA loans would increase. Prior to this year, the highest VA loan amount a borrower could get was $423,100, but now the limit has increased to $453,100; for FHA the old limit was $275,655, but it has increased to $294,515. What does this mean? Ben Lucero of Indigo Mortgage is here to explain:

Now that the VA loan limit is $453,100, borrowers can borrow up to that amount before being required to take out a Jumbo loan. This is good news for any veteran shopping for a home, as traditional interest rates are much lower than for Jumbo loans. FHA borrowers can also enjoy lower interest rates if the amount they’re borrowing is at or below the new limit of $294,515.

At Indigo Mortgage, we have been helping our borrowers avoid jumbo loan rates by cutting the loan into a first and second mortgage. We do the first mortgage at the limit of $453,100 and take out a second mortgage for the remaining amount. Combining loans this way works out better for the borrower, as it helps them avoid a higher rate on a Jumbo loan. For more information on the new loan limits, how Jumbo loans work, or simply how to get the best rates and terms on your mortgage, contact Indigo Mortgage! We’re here to help!

Published in Blog
Tuesday, 12 December 2017 22:43

KKOB December 12

Fannie Mae and Freddie Mac just made a huge announcement. Ben Lucero discusses what it is and what it means for shoppers as they search for new homes in 2018.

Published in Radio
Tuesday, 12 December 2017 22:34

New Conforming Loan Limit for 2018

In early December 2017, Fannie Mae and Freddie Mac, government sponsored enterprises responsible for keeping the residential mortgage market stable, made a huge announcement. Starting in January of 2018, conforming loan limits on conventional mortgages will increase from $423,100 to $453,100. What does this mean for buyers? Indigo Mortgage is here to explain:

Now that the conforming loan limit has increased, borrowers can take out a loan up to $453,100 before having to take out a jumbo loan. Jumbo loans generally have higher interest rates, and unlike conforming loans, they aren’t backed by federal agencies. Because they aren’t backed by Fannie Mae and Freddie Mac, lenders take on higher risk when they offer jumbo loans, thus they are more difficult to qualify for.

Indigo Mortgage is proud to announce that we have arranged a special agreement with one of our lenders and we are able to honor the new loan limits beginning in December 2017! From now, on until the end of the month and into the new year, you can apply for a conforming loan up to the new limit of $453,100. Get a jump start on the new loan limits with Indigo Mortgage! Visit us to learn more about how you can find the best rates and terms on your mortgage!

Published in Blog

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