MORTGAGE BLOGBlog posted On September 27, 2024
CMG Financial has increased its agency conforming loan limits to $802,640, a 4.71% increase from this past year’s limits. Though the Federal Housing Finance Agency (FHFA) has not officially announced the new conforming loan limits, CMG wanted to give home buyers early access in an effort to ease some of their affordability challenges.
Higher loan limits to match the pace of home price appreciation
In the past year, home prices have increased by 4.5% according to the FHFA house price index for July 2024. Between higher home prices and stubborn mortgage rates, home buyers continue to struggle with many of the costs that come with purchasing a home. In fact, many would-be buyers are sitting on the sidelines, waiting for mortgage rates to fall.
Benefits of early access to new limits
By raising the conforming loan limits for one-unit properties now, CMG aims to give buyers access to the benefits of Conventional Loans who previously would not have been able to get a Conventional Loan with the old limits.
48/50 states have access to the new limits immediately
Though CMG has not announced its new limits for high-cost areas, Hawaii, and Alaska, it anticipates that it will make the announcement soon.
These limits were effective as of September 23, 2024. If you live in an eligible area, you can apply now and enjoy the higher limits!
Sources: Bloomberg
