New jumbo loan limit: December 14th
All right, so let’s give a shout out to the mortgage nerd and niece. Thank you very much, Denise. We appreciate you in more ways than you understand. And the first thing to go on. Yeah. So the next thing to go over is the new jumbo loan limit is increasing on December 14th. And why is that important? So what you’ll be able to do is you as a purchaser or as an agent, are going to be able to have a higher loan limit for your clients. And that’s super exciting.
Well, it’s important as the prices continue to raise and to get them a home that they truly love.
So December 14th is the date conforming. Conforming loan limit is going from two ten five oh, sorry. From five, ten to five hundred and forty eight thousand two hundred fifty dollars is what that number is going to. And that’s a huge increase for us. So what that would mean is if we’re looking at very specific numbers and we want to hit like a no, here’s a number for us to to put in. There is five hundred and seventy seven thousand dollars. OK, so five hundred and seventy seven thousand dollars is what you’ll be able to purchase with just five percent down and not have a jumbo loan.
Yeah. So five percent and five. Seventy seven. That’s right.
And you don’t have to have two lanes, it can all be in one, you would have PMI and primary mortgage insurance with that situation, but it’s it’s a big number. So, you know, we talk about some of those properties that fall into these price points that are challenging. So what I think this is going to do is raise that number just a little bit of where those price challenges do come in. So sometimes the homes at certain prices, all of a sudden it’s like, oh, man, there’s not like a buyer for it. There’s not like a loan program that works. Right. You’re having to put too much money down. And if I’m going to do that, then I should just jump to all of a sudden to this. No. So as we kind of go through this, there’s kind of going to be a new sweet spot that’s going to move up. It should make buying more expensive homes a little bit easier at this price point if we consider those.
Do you remember what it was just very recently? I thought it was 420. Am I for 17 or 17? Yeah, and that was not that long ago. It really wasn’t. So it’s kind of crazy. Do you remember when for 17 was a number and what year that stopped, I don’t remember exactly when that was, but this new number should definitely help everybody out for sure. And so just remember that with your clients. Thank you to Denise for instances of this in allowing us to be able to go to war all the time. Yeah, you wanted to give a link to Denise, so we’ll have that in the in the description. And we also have her her website or some stuff on her super quick that we can flash over and show you guys on this. Can’t stop, won’t stop. Wednesday producer always going to to help us out here I believe, and get that kind of all set up. Maybe your social media handles just good enough. It’s totally fine if you Google the mortgage or totally get her. She’s like she did a really good job of marketing herself. Branding for sure. Yeah. And if you look at her Facebook photo, it’s really pretty good like that. Had her on there. It’s really it’s really pretty impressive. And her I would say her husband is is quite a guy. Yeah. I was able to meet him the other day and I how he’s really just like a solid guy.