Hello everyone! I thought you might find a little information on the new jumbo loan limits helpful. Here is a summary from our friends at Holmgren and Associates.
The mortgage agencies Fannie Mae and Freddie Mac recently announced that the new loan limits for 2018 increased approximately 7% from 2017 levels, reflecting the continued rise in home prices nationwide. The new limit for the Bay Area is $679,650 for single family homes. The advantages of agency financing for home buyers include generally more favorable interest rates, the ability to put as little as 5% down and more relaxed credit, cash reserve and debt ratio requirements. The loan limits for other property types are as follows: 2 units $870,225, 3 units $1,051,875, 4 units $1,307,175.