Good News for Buyers – Conforming Loan Limit Increases Again!.
Back in 2019, we were all excited when the single-family conforming loan limit for King, Pierce, and Snohomish Counties was increased to $741,750.
That was Then … This is NOW!
The conforming loan limit for King, Snohomish, Pierce Counties has increased again nearly 5% to $776,250. This could mean an increased purchase price to $965,000 or more with a 20% down payment.
Why is that a big deal?
· The interest rate for a conforming loan is typically lower.
· Borrowers can put less than 20% down.
· Origination fees can also be a bit lower.
· Buyers may broaden their home search and see more homes.
· Sellers may have more qualified buyers for their home.
More than 150 home buyers in the past 30 days, could have saved money and possibly have more homes from which to choose if this new conforming loan limit were in effect.
See how the new conforming loan limit will affect your buying power!
Contact my preferred lender Kenton Becker.
Kenton Becker – American Pacific Mortgage
Tom Perry – Realty Executives Brio 206-713-2538
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All numbers and references to loan values in this post are for example only and are not intended to portray opportunity, offers or conclusions for any specific buyer or situation.