New price points for financing
If you’re ready to take notes, now’s the time to do it, so, as always, loan amounts are going up. So what does that mean? A normal conventional loan? New loan, Max? Five hundred forty eight thousand dollars and some change. So what does that mean? If you have a client putting five percent down, that’s roughly a sales price of five hundred and seventy-five thousand.
OK, if they’re putting down 20 percent, that’s roughly a price point of six hundred and seventy five thousand. So what a great year for us. What a great opportunity for all agents out there. If your clients are looking at six hundred and seventy five thousand dollars homes or more or less, they can still do conventional financing with 20 percent down. That’s a great opportunity.
FHA has bumped up their loan amounts as well, so their new loan loan amount is three hundred and fifty six thousand dollars. So a three and a half percent down, which is their minimum. That’s roughly a sales price of three hundred and sixty five thousand. So FHA sales price, max with minimum down three sixty five. Conventional minimum down sales price of five. Seventy five, they’re putting 20 percent down six seventy five. So if you need any of this information, any more details, again, I’ll drop my email in the chat.
I can get it to you or anyone that needs it. That’s great news for all of us. It up the price points, moving up the financing so we don’t have to get into jumbo loans or first and second. So that’s awesome questions on that one. Sounds good on the number two.
-New price points for financing-
–Acquisto Real Estate