Have you heard the huge news? Starting October 2021, conventional loan limit for a regular one-unit property is now $625,000! What does this mean for you? More borrowing power, with small down payments for select borrowers.
In what ways does this new conforming limit benefit borrowers?
-If you’re a first time home owner (haven’t been on title of a property in 3+ years) you may qualify for a loan amount up to $625,000 with only putting down 3%.
-If you have been on title to a property in the past 3 year and you make less than the median county income limit you may still only need to put down 3%.
-If you are a high income earner and are moving “up” you may only need to put a 5% down payment.