Loan limits are being increased in Washoe County, which is good news for both buyers and sellers. Here’s why.
Big changes are happening with loan limits in Washoe County this year.
Basically, these changes will give you more of an opportunity to secure an FHA, VA, or conventional loan at higher price points.
Currently, the maximum loan limit for Fannie Mae and Freddie Mac is sitting at $424,100, and they’re increasing that limit to $453,100. Now, you can start looking for homes in the $475,00 price range and still only put 5% down. If you don’t have as much to put down as you like, you’ll be able to get into a market you’ll be happy with.
The FHA loan limit will increase from $345,000 to $370,300, so they’re starting to build back up to that $403,000 price point they were at in 2008 and 2009. If you need an FHA loan to get back into the market because you’ve perhaps had a foreclosure or a short sale in the past, this will help get you a home you’re happy with.
With the direction of home prices trending upward, these changes give you more options on the loan side. If you’re a seller, this is also good news because it increases buyers’ affordability.
If you’d like to get pre-approved for a loan or you have any questions regarding any of these changes, don’t hesitate to reach out to us. We’d be happy to help.