Conventional Loan Limits Raised Again

My office has received word that conventional loan limits, which were lowered late last year to $625,000, have finally returned to $729,750.  This means that clients who were facing jumbo loan rates for loans above $625,000 may now be able to take advantage of a higher loan at rates below 5% with a fraction of points.  In markets such as the Washington DC area, this is doubly good news to buyers with 20% down payments who have been waiting to move on homes whose prices are now within the acceptable price ranges for their financing planning.

Just to give you an idea of where zero point rates are right now (assuming good credit)…

  • Conventional:  Up to $417,000 = 4.875%;  $417,000 – $729,750 = 5.125%;  Over $729,750 = 6.25% fixed;  Over $729,750 = 5.25% 5/1 ARM
  • FHA:  Up to $417,000 = 5.0%;  $417,000 – $729,750 = 5.375%; 

Of course rates are very dependent on credit scores and down payments 

miller-logo-rgb-2607Hill Slowinski, licensed in DC, MD, and VA

WC & AN Miller Realtors, A Long & Foster Company

4701 Sangamore Road,  Bethesda, Maryland  20816

Cell: 301-452-1409  Direct: 301-320-8430  Ofc: 301-229-4000

Email: hslowinski@longandfoster.com or Hill@HillSlowinski.com