New 2020 Loan Limits
/Dan Hubrich with Castle & Cooke Mortgage is back! And the new loan limits he’s talking about make it seem like it’s raining money!
I have great news for home buyers this month! Fannie Mae and Freddie Mac have announced that they will be increasing the conforming loan limits nationwide starting January 1st. This means it will be easier to qualify for a mortgage. As home prices climb, more and more homes are creeping into “jumbo loan” territory. When a loan is a jumbo loan it’s harder to qualify. You need higher credit, more money down, lower debt ratios, and the rates aren’t as competitive generally. Currently most counties in Utah have a conforming loan limit of $484,350. That will be raised to a minimum of $510,400 across the country and higher in certain counties. So all in all great news for everyone!
Below are the most popular counties in Utah and how loan limits will change. Feel free to contact me anytime with any specific questions about this.
Summit/Wasatch: $762,450
Davis/Weber/Morgan/Box Elder: $646,300
SLC/Tooele: $600,300
Utah County and all others: $510,400
Contact Dan or myself for more info!