The new 2015 Loan Limits could affect millions of homeowners, and they might not even know why. But before we get to why, let’s talk about what…
What are loan limits? In this case, we’re talking about the Fannie Mae and Freddie Mac loan limits for 2015. These are the highest loan amounts that the 2 giants will purchase, also known as conforming loans. This is a built in demand for loans that fit these specific guidelines, which typically yields the best rates and terms. More recently, FHA and VA have simply adopted Fannie and Freddie’s limits as well, making these figures even more important.
In all 46 Counties hive increased loan limits for 2015. 4 of those counties are here in CA. You guessed it, San Diego is one of them!
Ok, so now the WHY, why does is matter? The impact of the increased limits could be very substantial. In fact, it’s a mistake to think it simply effects home buyers and those seeking refinances. Here’s a short list of all the things that new loan limits could effect:
- 1- Home Buyers
- 2- Sellers
- 3- Real Estate Agents
- 4- Refinances
- 5- Home Values
The most surprising consequence will be to those folks that are not currently selling, buying or refinancing. Everyday homeowners could have options open up to them that could save thousands of dollars simply by taking advantage of these new rules.
If you’d like a list of the new loan amounts, or would like to see how this might be affecting you and your current home, simply click here and shoot me an email with 2015 Loan Limits in the subject line and I’ll be glad to help.
- Jeremy Beck
- Mortgage Planner
- “I don’t like limits” – Usain Bolt