The world of real estate is ever-evolving, and as we look towards 2024, significant changes are on the horizon, especially in the realm of mortgage loan limits. The Federal Housing Finance Agency (FHFA) has announced an increase in the conforming loan limits, a change that is set to reshape the borrowing landscape. However, there's no need to wait until 2024 to benefit from these changes. At 1st Florida Mortgage Lending, we're already equipped to assist you with these new limits.
What's Changing?
Starting in 2024, the baseline conforming loan limit for one-unit properties will increase to $766,550. This is a substantial jump from the 2023 limit of $726,200, indicating a 5.56% increase in the average U.S. home value over the last year. This rise in loan limits mirrors the growth in the housing market and is a significant boost for homebuyers looking to enter the market or invest further.
But Why Wait?
While these changes are slated for 2024, at 1st Florida Mortgage Lending, we believe in staying ahead of the curve. We understand that your home buying or investment decisions can't always wait for official changes to kick in. That's why we're ready to help you leverage these increased loan limits right now. With our network of diverse lenders and our comprehensive suite of tools, we can facilitate loans that meet these new limits, offering you greater borrowing power immediately.
Who Benefits?
The increased loan limits are a boon for a wide range of homebuyers and investors:
* First-Time Homebuyers: Gain access to more properties within your budget.
* Seasoned Investors: Expand your portfolio with higher-value properties.
* Upgraders: Move to your dream home with a higher loan amount.
How We Can Help
At 1st Florida Mortgage Lending, our goal is to make your mortgage process as seamless and advantageous as possible. Our expert team is well-versed in navigating these changes and can offer personalized advice based on your unique financial situation. Whether it's applying for a loan or scheduling a call with a Mortgage Loan Originator, we're here to guide you every step of the way.
Closing Thoughts
The upcoming 2024 mortgage changes present a unique opportunity for current and prospective homeowners. With 1st Florida Mortgage Lending, you don’t have to wait to make the most of these changes. Contact us today to start exploring how these increased loan limits can benefit you right no