As more people invest in real estate, loan limits are also skyrocketing. For the first time, future homeowners can get approved for million-dollar loans with a competitive interest rate.
Limits on home purchases, known as conforming loans, have been raised in 2020 by the Federal Housing Finance Agency, which oversees government-backed entities such as Freddie Mac.
In the highest-priced counties, for example, the new conforming limit for 2020 is more than $40,000.
As a result, more people have access to competitively priced homes.
The Federal Housing Administration, known as FHA, also relies on limits when issuing loans. Those too have increased for loans to purchase a single-family home.
The same is true about VA loans, which no longer have a cap on the amount that can be borrowed with no money down.
If you’re thinking about purchasing a home in the Roseville area, now’s a great time to take advantage of the flexibility and enhanced features of these loan programs. If you have any questions, make sure to contact us today.