NEW National Conforming and FHA Loan Limits for 2017!

NEW National Conforming and FHA Loan Limits for 2017!
Hot off the press from American Pacific Mortgage!!

Home prices have continued to rise which has made it more challenging and sometimes impossible to find a suitable home. This is because the national loan limits; Fannie Mae, Freddie Mac and FHA Loan Limits have not been raised in a long time. But things are changing for 2017 as the national conforming and FHA loan limits have just been released!

Fannie Mae, Freddie Mac and FHA just announced the NEW National Loan Limits for 2017.  Nationally, the average will go up from the current amount of $417,000 to $424,100.  On conforming and FHA loans, Nevada County’s new loan amount will be $477,250.  However, Placer County’s conforming loan amount will be $488,750 with a FHA loan amount at $474,950!!!  WOW! As a result of this positive news, many buyers may decide it’s time to start shopping for their dream home!

 Look up your favorite location in the U.S. by using the following link:

NEW National Loan Limits!

There are benefits to using an FHA Loan for your home purchase.  FHA Loans allow for a much lower down payment, higher debt to income ratios. Additionally, you are not required to have perfect credit. Another benefit is that if you suffered through a financial crisis requiring a short sale or bankruptcy, FHA’s guidelines allow you to re-enter the housing market quicker than conforming loan guidelines.

Furthermore, an FHA Loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA Loans pay for mortgage insurance. This provides the lender with protection from a potential loss if the buyer chooses to default on the loan.

April Smith of American Pacific Mortgage and her team of professionals will be available to assist you with your purchase right on through to the New Year! Contact April today at: 530-446-6550 to get pre-qualified! Once you are ready, Call Carol and start the search for your dream home.

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