In layman’s terms, loan limits are just the maximum loan amounts that housing agencies and banks are willing to make to their customers.
Housing Wire reports that:
Due to home price increases, the FHA said that most areas in the country will see a slight increase in loan limits in 2017.
Different areas have different loan limits. In most parts of the Front Range (Northern Colorado, Boulder area, Denver Area, Colorado Springs area), the loan limits are hardly a problem for home buyers.
The good news is that if you’re buying a bigger home, you can borrow a little more before you have to start looking for “jumbo loans,” which not every bank offers.
And if you’re a home seller that’s selling an expensive home, this has probably increased the pool of home buyers that you can sell your home too.
Questions about rates today, or about your specific situation regarding mortgage approval? Contact me today!