For the time being Fannie Mae and Freddie Machave announced that loan limits will not be changing heading into 2014!
There was previously some concern they may lower these limits. By not lowering the limits will continue to help strengthen the market because leaving the limits helps many homebuyers have better access to lower rates.
Although the loan limits aren’t changing some guidelines will be. Starting in 2014 the FinalSettlement Statement (HUD) will need to be approved and sent to the buyer (you) 3 days prior to closing. This is always a goal of many lenders and is set to accomplish but sometimes many outside factors can change this. Make sure to discuss this with your lender and Realtor. With this new requirement we are looking at a few more purchase contracts needing to get extended, closings being delayed.
With the help of the team you surround yourself with you will help in your closing going much smoother.
Make sure to contact us if you have any questions or concerns going into the New Year, we are always here to help.
~Cheers,
