There is big news for borrowers: the conforming loan limits are increasing from $548,250 to $647,200.
What Does This Mean for Borrowers?
If your loan exceeded the previous limit and you have a Jumbo loan, you may have an opportunity to refinance and lower your rate/monthly payments.
You can learn more about Jumbo Loans here.
What About High Balance Loans?
With the increase of the conforming loan limit also comes the increase of the High Balance limit. The counties with a High Balance are increasing from $822,300 to $970,800.
If your High Balance or Jumbo loan is impacted by this change, you could be able to lower your monthly payments and/or save some money. Get in touch with us ASAP to see how you could benefit from the conforming loan limit increase.
The full, official announcement is available here via the FHFA.