2024 Mortgage Loan Limit Increase

You can soon borrow more.  Every year Fannie Mae and Freddie Mac reevaluate the maximum loan amount allowable for a conforming mortgage.  They recently announced the 2024 loan limit will increase by 5.5% to $766,550.  This means that consumers can borrow up to that amount without having to shift to a jumbo mortgage, which often, but not always, has a higher interest rate.  For those really looking to leverage up, that means you can buy a home with a price tag of slightly over $800,000 if you put down just 5%.  For those looking to put down 20%, that means you can get a home with a price tag a bit over $950,000.  If you’re looking to buy a home in the Austin area next year, contact me today.  If you’ve got questions for a lender, I’m happy to connect you with several excellent people. 

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