Curious about loan limits for 2017? We’ve got them here for you

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Curious about loan limits for 2017? We’ve got them here for you

As we near the end of 2016 and look toward the new year of 2017, the mortgage lending industry is undergoing some changes, and Central Texas is still a very hot real estate market.

 

Here are of couple of updates that are important to know if you or someone you know will be looking to purchase or finance a home in the near future:

 

  • Increasing loan limits: With increasing conventional and FHA loan limits coming next year, more opportunities for homebuyer and borrowers will be available. Here are the new loan limits for 2017:

Conventional loan limits:

  1. 1 unit: $424,100
  2. 2 units: $543,000
  3. 3 units: $656,350
  4. 4 units: $Z815,650

FHA loan limits (For the Austin Metropolitan area)

  1. 1 unit: $361,100
  2. 2 units: $462,250
  3. 3 units: $558,750
  4. 4 units: $694,400

 

  • Rising values and prices in the Austin area: The Austin area continues to be a very hot real estate market, with the median sales price in Austin approximately $345,000. The median price for the 5 county Austin MSA area is approximately $275,250. Sales are up over 11% over this time last year, and new home starts last month were over 4,000! This means it’s even more important to get pre-approved for a mortgage before you go out shopping for a home. Sellers in a hot market won’t take your offer seriously if it’s not accompanied by a strong letter of pre-approval from a reputable (preferable local) mortgage lender.

 

If you have questions about the pre-approval process, or any questions about the Austin and Central Texas market, don’t hesitate to reach out to us for a free 30-minute consultation.

 

Happy holidays!

Michael and the Everist Mortgage team