Recently the feds have announced they are raising the new maximum loan amounts for conventional loans, starting January 1st 2021. This means loan amounts can go higher without being considered a jumbo loan, which carry higher interest rates.
The current loan limit for conventional loans is $510,000; in 2021, that new loan amount will go up to $548,000. This is fantastic news for borrowers wishing to purchase or refinance, as now they can take advantage of these historic low mortgage interest rates and also go up to those higher loan limits.
The change is set to occur on January 1st of the new year. But Indigo Mortgage can offer the new loan amounts already, so If anyone shopping for a new home does not want to wait until January to take advantage of the higher loan limit, call Indigo Mortgage as we can accommodate that larger loan now.
Whether refinancing or purchasing, borrowers can expect interest rates below 3% on a 30 year fixed rate mortgage. But as always shop that mortgage around and always shop local.