Why is it Easier to Buy a Home Now Than Ever

December 17, 2021


One thing everyone has learned during the pandemic is the true, new found meaning meaning and importance of home. It has caused so many people who were renters or not yet ready to purchase a home become more serious about owning their own home. People have been looking for more stability and a sense of more security. Not only that but the way the housing market is right now home equity is on the rise giving even more incentive to be a homeowner. 


 Not all home purchasers have been successful in the last year. Here are a couple things that have been holding them back: 

No real way to save up a sufficient downpayment.
The inability to qualify for a mortgage loan.

Well here is a bit of great news. The  FHFA, the ones who manage Fannie Mae, Freddie Mac, and Federal Housing Administration) is raising the loan limit for 2022. They are changing the Conforming Loan Limit which is just the maximum amount they will consider loaning. 


So, according to Sandra L. Thompson, FHFA Acting Director, explains in the press release that:

“Compared to previous years, the 2022 Conforming Loan Limits represent a significant increase due to the historic house price appreciation over the last year. While 95 percent of U.S. countie​s will be subject to the new baseline limit of $647,200, approximately 100 counties will have conforming loan limits approaching $1 million.”

What does this mean in simple terms? Well basically all this means is that more homes will qualify for conforming loans with lower down payment requirements and less strict lending standards. The bottom line is that in the coming year buying your first home or your next home may have just gotten much easier and a lot more realistic with less strict qualifying standards and lower than ever interest rates. Contact me today and let me get started working for you!

 

Alicia Edwards - Realtor

I want to be your realtor! Let me help you find your next home or sell your current one. Call me and let me get started working for you today (678) 622-0302. I look forward to talking to you soon. Your Home, Your Future, My Commitment!

Looking to Buy or Sell, Contact Me!

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