The Federal Housing Finance Agency has announced that the maximum conforming loan limits for mortgages has increased. In most of the country, the confirming loan limits will increase nearly 6.5%, from $453,100 to $484,350 for 2019. For most high-cost areas, where 115% of the local median home value exceeds the loan limit, the loan limit for one unit properties will be $726,525.
Can You Relate? If So, You’re In The Right Place!
Be confident that you can do it! The basics are pretty simple. To qualify in the current market, you will need a down payment (would you believe that you don’t need 20%), a stable income, and a good credit history. You will have contact with your lender, your agent, and other professionals whose roles help get you into your home. These pros are also valuable resources on your journey home.
5 Easy Steps
Ready to apply? Here are 5 steps to follow as suggested by Freddie Mac:
1. Check your credit score and history. Though the average FICO score for closed loans was 731 (September 2018 according to Ellie Mae), there are loan products for a wide range of scores. It’s just a good idea to know where you stand before applying.
2. Gather your documents. You will need to be able to verify your income, which you can do with W-2 forms or tax returns, your credit history, and statements verifying cash assets (bank statements, investment statements, and the like).
3. Contact your loan officer! Your loan officer can help you develop a spending plan, help you determine how much home you can afford, review your income, expenses and financial goals, and recommend a real estate agent who knows the market and will work for your best interests. With a pre-approval letter in hand, sellers will see your offer as legitimate, and will be more likely to accept. You may get pre-approved by your loan officer. Don’t have one? Meet our team or contact us today!
4. Contact your real estate agent. Your real estate agent can help you find the right home for you in your price range, be your advocate in pricing negotiations, and be a great source of advice in the specifics of what you’re looking for in a home, neighborhood, and location.
Take Action
Armed with the information above, you are ready to start doing your own research. Just remember to know how much house you can afford, stick to your budget, and be mentally and emotionally prepared. Making dreams come true takes a little effort and responsibility. At Benchmark, we are here to help make it as easy as it can be.
When you’re ready to apply for a mortgage or refinance an existing one, contact us at 707-254-8891 or [email protected]. We can also direct you to the perfect real estate agent to help you.
Have Questions, Reach out to me for more information.
Call me at (707) 254-8891
Hilda Hensley Branch Manager – Mortgage Advisor
NMLS id 280206
Benchmark Mortgage
Ark-La-Tex Financial Services, LLC NMLS id 2143
