2016 Changes in Lending

2016 Changes in Lending

 

Well here we are at the beginning of another wonderful year, and this year just like last year, we are seeing the county loan limits go up for San Diego county. The High Balance Conforming  loan limit is going from 562,350 up to 580,750. That’s an increase of $18,400. On top of that, minimum down payment requirements fro High Balance Conforming Loans are decreasing from 10% down to 5% down! What this means for you? If you were shopping at the threshold of the county loan limits, your purchase power just went up by almost 20k. And if you were trying to get into a home in the 500’s or up with minimum out of pocket expense, you might be able to just cut that down payment in half. Of course everyone’s situation is different, and if you want to know how these changes will affect your pre-approval, e-mail me at Scott@GreenMeansGrow.com