Big changes are happening with loan limits in Washoe County this year. Most notably, the loan limits are increasing, which is good news for both buyers and sellers. Here’s why.
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Basically, these changes will give you more of an opportunity to secure an FHA, VA, or conventional loan at higher price points.
Recently, the maximum loan limit for Fannie Mae and Freddie Mac is $424,100, and they’re increasing that limit to $453,100. What that means is 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.
If you’re an FHA buyer, loan limits 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 had a foreclosure or a short sale in the past, the Piccinini Team will be able to help get you a home you’re happy with. Contact us today!