Announcing higher limits for our Expanded Loan Amount Conforming Program
Your conforming loans just got a little bigger. Starting September 9th, Guaranteed Rate is expanding its conforming loan amounts to loans up to $715,000 in the contiguous 48 states. That’s an increase of almost $70,000 from current limits, which capped out at $647,200.
That means you’ll be able to get a larger mortgage for your home. With how much home prices have been going up over the last year, these updates will help you finance the purchase of a home that falls outside the current conforming loan limits of traditional mortgages.
New, higher limits for our Expanded Loan Amount Conforming Program
Eligible Loan Amounts:
- Loans available between $647,201 and $715,000
- Available in the 48 contiguous states
Here’s why this matters
Let’s say you’re buying a home for $750,000 and you’re putting in a 10% down payment. That means you’ll need a loan for the remaining $675,000. In most states, this would be called a jumbo loan or a non-conforming loan. Those loans typically have stricter underwriting requirements (i.e., higher credit score requirements, lower Debt-to-Income, lower maximum Loan to Value, etc.) and less favorable pricing options.
With the Expanded Loan Amount Conforming Program, you could get that $750,000 home in conforming terms, not jumbo terms. That means better pricing options and more flexible underwriting requirements. This program is available in 20-, 25- and 30-year term options.
Are you thinking about refinancing instead? This program comes with rate and term refinancing options (95% Loan to Value) as well as cash-out refinancing* options (80% Loan to Value).
Find out if you qualify
There are some rules on who can get this loan and what type of home it can be used for. You must be purchasing a one-unit residence that you will use as your primary residence. And you must meet the minimum credit requirements.
Want to find out more about these new loan limits, and if you qualify? Contact a loan officer today!
*Using funds from a Cash-out Refinance to consolidate debt may result in the debt taking longer to pay off as it will be combined with borrower’s mortgage principle amount and will be paid off over the full loan term. Contact Guaranteed Rate Affinity for more information.