When purchasing a home, the mortgage loan limit and the interest rate helps determine what home you can afford. With the housing market at a steady increase, it’s important to fully understand what is available to you before purchasing a home. Here are a few updates to current loan limits that the Indigo Mortgage New Mexico team thinks you should be aware of.
Fannie Mae announced they are raising the maximum loan limit to $714,000, beginning in November. This limit is quite a bit higher than the previous limit of $647,200. This loan limit increase is great news for borrowers in the group of jumbo loans, as conforming loans carry a much lower home interest rate and require much less of a down payment.
Home prices have seen exponential growth in the last two years, so this is a great opportunity for those looking to borrow a higher amount for their home loan.
Another surprise is that borrowers don’t have to wait until November to take advantage of the increased loan limit. We can offer these higher loan limits at Indigo Mortgage starting today.
Indigo Mortgage in Albuquerque is partnered with United Wholesale Mortgage, which has allowed us special access to the new loan limits. If you are a borrower in the market for a higher loan limit with conventional rates, reach out to the team at Indigo Mortgage. We can get you prequalified for your new home today!