Here’s an exciting development in consumer home loans for 2024.
Today, I want to discuss recent changes in conforming loans, a common type of home loan for most buyers.
The main update is that starting in 2024, the conforming loan limit has increased by over 5% to $766,550. Additionally, the loan limit for multi-unit family properties has also seen an increase, as illustrated in the table at 0:33 in the video.
This change holds significance for buyers within this price range, offering them increased flexibility and the potential for lower interest rates. This is particularly beneficial as it allows them to avoid the necessity of obtaining a jumbo loan, which typically comes with higher interest rates.
If you’re seeking more information on this or have any questions regarding buying or selling a home, feel free to call or email me. I’m always happy to help you.