Between low inventory of homes for sale, record high prices, bidding wars for homes and then mortgage interest rates that increased about twice what they had been in a year…there hasn’t been much good news for people looking to purchase a home on Long Island.
But…as incredible as it may seem there is some good news to report!
The Federal Housing Administration (FHA) has announced that it is raising the limit on “conforming loans” for Nassau and Suffolk counties to over $1,000,000.00.
Prior to the FHA’s action these loans were commonly called “Jumbo” loans, were difficult to qualify for and had higher interest rates. By raising the limit, the FHA has made it possible for these loans to conform the Fannie Mae and Freddie Mac requirements. This means the loans can be sold easier on the secondary market by lenders. All of which should result in easier loan qualifying for borrowers and lower rates.
If you are in looking to purchase a new home or refinance your existing one quality legal representation is vital. The attorneys at Beige Law, PLLC are ready to answer your questions and represent you and protect your interest. Contact us today to discuss your real estate legal needs.