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The Federal Housing Finance Agency’s third quarter 2017 House Price Index report, which includes estimates for the increase in the average U.S. home value over the last four quarters, showed that house prices increased 6.8%, on average, between the third quarters of 2016 and 2017.
In response, the FHFA announced that they will increase the baseline maximum conforming loan limit for mortgages to be acquired by Fannie Mae and Freddie Mac. The baseline maximum conforming loan limit will increase by the same percentage (6.8%) from $424,100 to $453,100 on January 1, 2018.
An increase in this popular home loan product could make it easier and more affordable for some first-time homebuyers to enter the market. Repeat and first-time homebuyers in higher-priced markets may also find it easier to qualify for a mortgage.
Selecting the right mortgage option can make it easier to purchase your first home, lower your monthly payments and have a significant impact on the overall cost of your loan. If you are a first-time homebuyer, repeat homebuyer or looking to refinance, speak to a Certainty Home Loans mortgage professional to assess your financial circumstances and discuss which home loan option will best meet your short- and long-term homeownership goals.
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