Keep up with the latest news and updates
FHFA announced the new conventional loan limits in Colorado for 2022 in late November 2021. Dating back to early October, It was widely believed by mortgage industry leaders that the new nationwide loan limits for conventional loans would be $625,000 throughout most of the country and most of Colorado. At that time it was believed that the high cost states and counties would have loan limits as high as $937,500
HECM reverse mortgage loan limits have changed yet again in 2023. The new revers mortgage loan limits are jumping to $1,089,300 in California, Colorado, & Idaho. In fact, the reverse mortgage loan limits should change to $1,089,300 nationwide, but we’re more focused on CA, CO, & ID since that’s where we do business. HUD / FHA has officially announced the new HECM limits, but traditionally the reverse mortgage limits mirror
Most people think that the point of entry for a reverse mortgage is age 62. For years, that was true. However, in 2018 a program was introduced that lowered the reverse mortgage minimum age to those that are aged 60 plus. Then a a few options became available earlier in 2021 that lower the reverse mortgage minimum age to 58. Now, as of September 2021, there is a new program
Recently the Federal Housing Finance Agency (FHFA) announced that conforming 2021 loan limits will be increased for 2021. The maximum amount for the lower 48 states for one-unit properties will be raised to $548,250 from $510,400. In high-cost counties, such as Orange County, the maximum high-balance mortgage will be $822,375, up from $765,600. This is good news for borrowers, as it will give more options and increased flexibility when choosing
Recently the Federal Housing Finance Agency (FHFA) announced that conforming loan limits will be increased for 2020. The maximum amount for the lower 48 states for one-unit properties will be raised to $510,400 from $484,350. In high-cost counties, such as Orange County, the maximum high-balance mortgage will be $765,600, up from $726,525. This is good news for borrowers, as it will give more options and increased flexibility when choosing the
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