Highlands NC real estate will no doubt benefit from the recent news that loan limits are staying put. The Federal Housing Finance Agency was debating decreasing limits for conforming loans which was creating quite a stir in the real estate industry. The limit for a typical conforming loan is $417,000 and this amount is higher in more expensive markets around the nation. Fannie Mae and Freddie Mac typically purchase 66% of home loans and if limits were to lower more buyers would be pushed into jumbo loans through private lenders.
The announcement has been made that limits will stay the same, at least for the first half of 2014, and that any changes to the limit in the future will involve at least 6 months notice. The news has been positively received and is great for the Highlands real estate market as well as markets around the United States. With real estate markets steadily on the mend no one wanted to see a step being taken in the other direction.
Contact us today to learn more about Highlands NC real estate. We welcome the opportunity to start you on your home search as well as recommend reputable lenders in the area with whom to work. It is a great time to be a buyer and there are a number of fantastic homes currently listed for sale.
Click here to read “Fannie Mae Home-Loan Limits to Remain Unchanged in Early 2014” from Bloomberg.