Here’s what you need to know about the new limits in the Triangle market.
Today I am going to talk about changes in conventional loan limits that you need to be aware of if a home purchase or refinance is in your future.
Conventional home loans are underwritten by Fannie Mae and Freddie Mac. These loans have fewer restrictions and:
- Fixed rate options
- Flexible terms
- Adjustable-rate mortgages
The limit for these loans in the Chapel Hill, Durham, and Raleigh metro areas just increased from $548,250 to $625,000.
“My preferred lender is Teresa Parker with Union Home Mortgage.”
This means that buyers can get a conventional home loan up to $625,000. This is still considered a conventional loan, whereas in the past, you would have needed a jumbo loan with a much higher rate.
If you want to learn more about your loan options for purchasing a home right now, I am going to put in a plug for my favorite lender, Teresa Parker with Union Home Mortgage. She is smart, responsive, and dedicated to her work. If Teresa Parker and Real Estate Experts can help you with your home purchase, don’t hesitate to reach out to them here.
If you have any additional real estate-related questions for me, don’t hesitate to reach out via phone or email today. I would love to hear from you.