Landscape of the Housing Market for Buyers Thursday, February 15th

Landscape of the Market for Buyers LogoLandscape of the Housing Market for BuyersThursday, February 15th, 6:30pm-8pm

It's time for another buyers class! Now is the perfect time to learn about the housing market if you're planning to buy in the spring. Join us at LivingRoom Realty from 6:30-8:00 pm on February 15th as Real Estate Broker Liz Dudek, Mortgage Broker Ben DeBoer, and Home Inspector Mike Lamb guide you through the current landscape of home purchasing.

Topics to be covered will be:

- The pre-approval process and preparing your finances - Step by step overview of home buying process - Loan products available in today’s market - What are closing costs and detailed breakdown - How to decide on what type of property to buy - What to expect from a home inspection - What to look for in a building - Tips for saving for home improvements

Food and drinks will be provided. Please RSVP at contact@livingroomrealty.com so we can plan appropriately. We look forward to seeing you!

Liz Dudek, LivingRoom Realty Ben DeBoer, Molitor Financial Mike Lamb, Inspection Connection Inc.

Conventional Loan Limits Have Increased for 2018

On November 29, 2017, Fannie Mae and Freddie Mac officially announced they would be increasing the conventional loan limits for 2018. We turned to mortgage broker Ben Deboer from Molitor Financial Group to find out a little more: LRR: Can you tell us a little more about the specifics of this change?

Ben: The loan limit for conventional loans has been increased from $424,100 to $453,100 for single family home and condo purchases. This means that if you were on the cusp of needing a JUMBO loan that required a higher down payment, you now may be able to use a regular conventional loan allowing for a smaller down payment. Also, if you are thinking about purchasing a multi-unit building, the loan limits on those have also increased. The loan limit for two unit buildings are now $580,150, three unit buildings are $701,250, and four unit buildings are $871,450.

LRR: How does this benefit buyers?

Ben: Before this change, if you needed to take a home loan out that was above $424,100, you would be forced to do so with a JUMBO loan. JUMBO loans characteristically have higher interest rates, higher down payment requirements, and more stringent underwriting guidelines. The minimum down payment for most JUMBO loans is 10%. With this increase in the conventional loan limit to $453,100, buyers will now have more flexibility to take advantage of the benefits of a conventional loan. With a conventional loan, buyers can put down as little as 3% and take advantage of conventional loans lower interest rates.

If you have further questions you can contact Ben at bend@molitorfinancial.com or (219) 308-5687.