Author: Don Obrien

Finance of Mortgage America announces conforming loan limit hike

Finance of Mortgage America (FAM) has announced plans that it has increased its conforming loan limits on an interim basis to “help borrowers overcome rising home prices.”

The mortgage lender said Monday that it now offers conforming loan amounts up to $625,000 for conventional single-family loans. It also raised the maximum loan limit in certain markets by more than $75,000 for one-unit homes and nearly $150,000 for four-unit homes, as required by the Federal Housing Finance Agency.

“As a result, some qualifying borrowers may be able to qualify for conventional pricing with lower interest rates instead of relying on a jumbo mortgage, which typically has more stringent qualification guidelines,” FAM said in a statement.

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Oliver Bolt

Oliver Bolt

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