Major Increase in Monterey; Sonoma; Ventura and Yolo Counties in CA; Summit County in UT as well as King; Pierce and Snohomish Counties in Washington
Single family conforming loan limits increased to $484,300 across the nation and to $726,525 in certain high-cost areas. Several counties that previously were in between the base and high-cost limits saw significant increases based on rising property values in Signet Mortgage service areas. Napa, Contra Costa, Alameda, Santa Clara, Santa Cruz and Sonoma counties in California, Summit County in Utah and King, Pierce and Snohomish County in Washington will now have access to conforming loan limits reflecting the current market values. The new conforming limits will be effective for loans closed after January 1, 2019.
The new limits are helpful as conforming rates can be lower than jumbo rates and underwriting more consistent and flexible so a few more transactions will get done!
A purchase in the Bay Area up to $908,150 at 80% loan to value can be done with a conforming loan … Particularly relevant with this announcement is the average U.S. home prices have improved as this is the third increase in as many years after being unchanged since 2008.
FHA forward and reverse mortgages and VA loans followed suit a few weeks later with increased limits.
As a mortgage professional in business for over thirty years, I am here to consult with you and answer any questions you have about the strategic use of your mortgage. Let’s talk about your goals and perhaps ways that you can take advantage of these changes. Call or email me – I am happy to help!