Real Estate Questions
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Conforming Loan Limits Will Increase in 2017
On November 23, the Federal Housing Finance Agency (FHFA) announced that it would raise the baseline conforming loan limit for 2017. They are also increasing the limits for certain “higher-cost areas” that are above the baseline. This is in response to significant home-price gains that occurred during 2016.
In most counties across the country, the 2017 maximum conforming loan limit for a single-family home will be $424,100. (Riverside County included) That’s an increase of $7,100 from the 2016 baseline limit of $417,000. This is the first time federal housing officials have raised the baseline since 2006.
In higher-cost real estate markets, like Orange County, San Francisco and New York City, the limit for a single-family home loan can be as high as $636,150. San Diego County is increasing to $ 612,950.
Anything above these caps is considered a jumbo mortgage and subject to more scrutiny and higher rates.
What Is a Conforming Loan?
A conforming home loan is one that meets certain guidelines set forth by Freddie Mac and Fannie Mae.
Freddie and Fannie are the two government-sponsored enterprises (GSEs) that purchase mortgages, bundle and securitize them, and then sell them to investors through Wall Street and other channels.
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IS THIS YOUR FULL TIME PROFESSION?
For some reason a lot of folks get into “Real Estate” because they think they can work a few weekends and make a quick buck- and this is so far from the truth it’s dangerous.
Buying or selling a home worth hundreds of thousands of dollars should not get squeezed in between your agent’s day job. Do yourself a huge favor and pick a professional that is in the trenches every day, knows what’s going on and can represent you in a full time capacity.
Full time Realtors are more likely to have aligned themselves with a Broker that has expectations and accountability standards. A mover and shaker brand (like Century 21) that takes it success global.
A full time Realtor is more likely to have more experience, more training, attend sales meetings, maintain respectful relationships with their peers and most importantly will have the time available to either find you that great home or market the home you have to it’s highest and best price.
You deserve nothing less!
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