FHFA releases new conforming loan limits


fullsizerender-15For the first time since 2006, the Federal Housing Finance Agency (FHFA) has announced that the base conforming loan limits will increase from $417,000 to $424,100 for 2017. The new high balance conforming limit will increase from $600,300 to $636,150 (150% of $424,100). These are for unit properties in the contiguous United States.

In the state of Utah, the conforming loan limit will be $424,100 for ALL counties. The high balance conforming loan limit by county will be:

Summit County         $636,150

Salt Lake, Toole        $600,300

All Other Counties    $424,100

FHA also announced the increase in loan limits by county. Use the following link to search for loan limits by County and State. Choose “CY2017”.

https://entp.hud.gov/idapp/html/hicostlook.cfm

Highlights for Utah

Summit County         $636,150

Wasatch County       $410,550

Salt Lake County      $328,900

This benefits the home buyer by providing the opportunity for a larger loan with lower interest rates and easier qualifications than what is available for jumbo loans. For the consumer looking to refinance, the higher loan amount can offer more cash out, lower interest rates, or easier qualification without moving into the jumbo loan category.

 

This post was written by Amy Cairn – Senior Loan Consultant at Guild Mortgage. Amy is always happy to discuss your personal situation and answer questions. For additional lending questions, she can be reached at the contact information below.

Amy Cairn
Senior Loan Consultant (Cairn/Hoyt Team)
435-333-3705 Office
435-640-1878 Mobile
ACairn@guildmortgage.net