Great news for home buyers! Loan limits for conventional mortgages increased and can start getting approved after December 9th and can be delivered to Fannie Mae after January 1, 2018! Previously, the largest loan amount on a traditional conventional loan was $417,000. The limit has now increased to $453,100! What does this really mean? For buyers looking to borrow money to purchase their next homes, the new limit increases the maximum amount they can borrow in a mortgage. Keep in mind that this new limit only impacts the amount you can borrow, but not the value of the home you purchase. For instance, you could buy a $480,000 home but only borrow $453,100. Similarly, you could buy a $500,000 home but only borrow $453,000.
At Treadstone, all of our conventional loans are fixed-rate programs with a variety of payment terms available (IE 15 year loans, 30 years, etc.) Veterans should also note that the standard VA purchase loan limits for 2018 will mirror the conventional loan limits above. In addition, loan limits for multi-family properties have also increased! Please call us for those details.
All in all, the economic environment remains very favorable for the housing and mortgage markets, especially in West Michigan! Due to all the great things happening here in the Grand Rapids area, home owners are seeing sizable home value increases.
If you are a home buyer in or around Grand Rapids, MI call Treadstone Funding today and don’t forget to check out our mortgage programs!
You can click here to apply for a mortgage today!