Here is some GREAT NEWS Interest rates are down and Loan Limits are UP!
Start you search today!
Rates are Down significantly from highs and back to around September levels! This is a result of the Fed announcing slowing of rate increases as well as inflation releases.
Below are national average current rates. For a real time specific quote, always contact us. A couple of reminders:
- Interest rates are not one size fits all. Rates are different for each client. Some of the variables include – credit score, loan to value, loan amount, occupancy, property type, loan term, how long the rate is locked for, discount points paid, among many others.
- One of the biggest indicators of rate is time. Rates move all day every day, just like the stock market. Over the last couple of months, we have seen this be more the case than historically.
Conventional loan limits have increased from $647,200 to $726,200!
- Example Sales Price & Down Payment combinations that keep the loan amount within a conventional loan limit.
- $907,500 purchase price with 20% down
- $907,500 purchase price with 5% down and a first and second mortgage
- $764,000 purchase price with 5% down
- $749,500 purchase price with 3% down
- With all options, the down payment can be increased to meet this limit.
- Loans can be started and closed NOW with this limit.
FHA DFW loan limits have increased from $450,800 to $531,300!
- FHA loan floors have increased from $420,680 to $472,030! The floor references the lowest FHA loan limit in any county in the US. Loan limits are higher in many areas.
- When leaving the DFW Metroplex more rural counties do have a loan limit of $472,030
- Want to know FHA limits in other areas? Reach out and we can provide an updated graphic with other locations.
- Example Sales Price & Down Payment combinations that keep the loan amount within a FHA loan limit.
- $550,000 purchase price with 3.5% Down
- $559,000 purchase price with 5% Down
- FHA loans can be started now with the limits now but must be closed in 2023.
For more information please contact Stephanie Johnston’s team they have experience working with buyers in Bolivar Peninsula and Short Term Rental Investments.