๐Ÿ”” Some Nonbanks Raised Conforming Loan Limits to $625K ๐Ÿ“ˆ Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

Dated: October 17 2021

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Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet.  Still, higher home values have convinced some lenders to boost loan limits now.

Florida Realtor Magazine 2021 10 17 Some Non Bank Lenders raised non conforming loan limit to 625,000 after going through the China COVID-19 coronavirus plandemic Hoey Team 239RealEstateDeals.Com LLC

WASHINGTON – Several nonbanks are raising their conforming single-family loan limits to $625,000 to help borrowers keep pace with rising home prices. The announcements jumpstart the Federal Housing Finance Agency (FHF), which typically announces conforming loan limit increases for the upcoming year in November or early December.

The loan limits define the upper range for conforming loans acceptable to Fannie Mae and Freddie Mac. Conforming loan limits are currently capped by the FHFA at $548,250 in most markets.

Rocket Co., Finance of America Mortgage, Homepoint, PennyMac and United Wholesale Mortgage are among the lenders that recently announced an increase to their conforming loan limits. The higher-balance loan programs represent an increase of more than $75,000 to the maximum loan limit for a conforming loan in many markets.

“We want to help ease some of the barriers to entry and the heavy burden that comes with rising home prices, and continue to push the dream of homeownership out of reach for many first-time buyers,” Bill Dallas, Finance of America Mortgage president, said in a statement. “Increasing the estimated maximum loan amount on our tailored loans expands access to mortgage credit at lower rates to purchase and refinance borrowers.”

The swift increase in home prices has prompted lenders to take steps earlier than the FHFA’s 2022 announcement, they say.

“We view this as a retrospective step forward of the FHFA’s upcoming increase in the loan limit for 2022, which we expect will be more than that experienced in the previous year,” PennyMac officials said in a statement. “The average nationwide home price will roughly reflect an appreciation of 15% to 20%. The idea is to gain some market share and drive earnings in the near term … and eventually distribute loans to (Fannie Mae and Freddie Mac after) the new limits take effect.”

Lenders expect rising interest rates to cut into their business over the coming months. Credit has been shrinking, and some housing analysts say that lenders may be jumping ahead on the conforming loan limit to try to capture more business.

“It is certainly a safe bet that the FHFA will raise the loan limit in November,” says Joel Kahn, associate vice president of economic and industry forecasting for the Mortgage Bankers Association. “It’s just how much goes up, and whether lenders have the liquidity to fund/hold those loans until they disburse them to the GSE.”

Source: “Rocket, Homepoint, FOA Raise Fannie, Freddie Conforming Loan Limits,” The Anand Market (Oct. 12, 2021); Finance of America Mortgage; and PennyMac

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Recently Barry & Kim with the Hoey Team โ˜˜ helped a number of sellers who had been in Foreberance and similar situations; we were able to get all of them to a "good place"; worry free; with excellent end results.  We help people in many different situations; everybody's situation is different; if you know someone needing help; or simply wants advice, please have them reach out to us in confidence: 239-360-5527; we continue to achieve and set record setting sales prices โ˜˜ We also offer a concierge service, if their property needs work ๐Ÿ€  For every property situation, we have a solution โ˜˜

As people continue to move and relocate to the general areas of Lee & Collier Counties from other parts of the United States, it is important that we are able to serve all of the area; which we do efficently, with the ability offer many different Choices and Lifestyles all of which are in abundance here in SW FLA ๐ŸŒด

Inventory remains low overall; we do continue to list and market new property listings to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach. 

We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds.  Previously we had Snowbirds; interesting how terminology keeps changing. 

Lower interest rates are probably helping with the increased sales; oftentimes over asking price.  Low inventory is still the greatest chalenge for buyers; but if prepared you are ahead of the game; ask how we can help.  We recently got a number amazing deals for buyers; even in this Hot Sellers Market; and we are working on others; so there are deals out there; if you work with us, we will find them for you. 

For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team โ˜˜ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from FR (Florida REALTORS) Newsletter Magazine, and from other sources including Hoey Team โ˜˜ 239RealEstateDeals.Com LLC & Freddie Mac / Fannie Mae - Make sure to ask us for more details; Call 239-360-5527 โ˜˜

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Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team โ˜˜ 239RealEstateDeals.Com LLC

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