Loan amounts have increased to $625,000

If you are looking for a mortgage in Largo or anywhere in Florida, you need to know about various loan programs and loan limits.

In the past, conforming loan limits in Florida were $548,250 for conventional Fannie Mae and Freddie Mac. You could get a Jumbo Loan if you needed to borrow more money, which meant a higher interest rate. 

Not any more.

How The Loan Limit Changed

They just bumped the conforming loan limit to $625,000 effective January 1st. A few of us (independent mortgage brokers) can start now.

What does a $625,000 conventional loan mean in terms of a purchase price?

Well, for starters, you don't need a large down payment. With as little as 5% down ($31,250), you can now purchase a $625,000 home. 

What's In It For You, Loan Limits

You can take advantage of it now as you are bidding on homes in the low $600k and not need a jumbo loan. The best part, you get the better rates at the conforming loan limits.

Loan Limits And Appraisals

When I'm running the loans, I have noticed that you're not getting the appraisal waivers because it's not set up for loans above $548,250. So, you will be responsible for scheduling an appraisal to qualify for the loan.

Next Steps

Please take advantage of it now. Start your application today. There is no obligation; we'll just look at your income, debts and see how much money you can borrow.

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