NEW CONFORMING LOAN LIMITS! Record 50-year leap in 2024!
We have some wonderful news for our home buyers! The Conventional loan limit for 2024 has been announced! Don't Wait! We Can Help! If you're thinking about moving, getting prequalified for a mortgage, or refinancing your existing loan, let's talk about how these new limits expand your options for conventional financing.
LA and Orange Countries are as follows:
One-Unit Limit $1,149,825
Two-Unit Limit $1,472,250
Three-Unit Limit $1,779,525
Four-Unit Limit $2,211,600
Which means, that a 4 Unit $2.76M purchase is now a conforming high balance loan backed by federal government at roughly 6.625% rate and a monthly payment of $14,138 with only a 20% down payment. Alternatively, you can get a 15 year fixed at 5.99% with $18,620/mo payment.
Effective immediately, we are accepting these loan amounts and standing by to help you find properties to fit the criteria. We are quoting interest rates for conforming loans in the high 5%. Rates have dipped recently and we've seen a slight bump in mortgage and real estate activity, which is unusual for this time of the year.