NEW LOAN LIMITS MAKE HOME OWNERSHIP MORE AFFORDABLE
NEW LOAN LIMITS MAKE HOME OWNERSHIP MORE AFFORDABLE
FHFA Announces New 2018 Conforming Loan Limits: What does this mean for you?
The Federal Housing Finance Agency (FHFA) announced at the end of 2017 that they were raising the conforming loan limits for 2018. This change will impact potential home buyers in State College, and throughout Pennsylvania. The new limits have been increased 6.8%, from $424,100 to $453,100.
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D. Shane Whitteker is the owner and chief broker at State College-based Principle Home Mortgage. He helps his clients to navigate the mortgage process, matching them with loans that are a good fit for their situation. Whitteker says the new loan limits will help save homebuyers money.
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“Higher conforming loan limits help make financing home loans more affordable to more borrowers” Whitteker says. “Loans that meet Fannie or Freddie’s guidelines often cost less to originate because they are considered less risky and often come with better mortgage rates.”
Loan savings for those who qualify are enjoyed in the form of lower interest rates, lower private insurance costs, and lower closing costs.
“If you want to find out whether you qualify to purchase a new home or refinance your current home, do not hesitate to contact us,” says Whitteker. “We will look at your whole situation and place you in a loan that works for you.”
To learn more, contact the State College mortgage experts at Principle Home Mortgage today.