Conventional loan limits for 2018 have just been announced. They will be $453,100 for lower cost areas, but in high cost counties such as Los Angeles and Orange County, the new limit will be $679,650. This represents a big jump from the current high cost county limit of $636,150. The loan limits for VA loans and FHA loans have not yet been announced, but in 2017 they matched the conventional loan limits.
This is great news for current homeowners who may want to refinance and take advantage of the increased equity in their homes. It is also beneficial for home buyers. Conventional loan programs offer more flexibility vs. jumbo loan programs--in terms of higher debt-to-income ratios and less income documentation. The new loan limits represent increased buying/borrowing power.
Please call me if I can be of assistance! I welcome your questions.
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