Hi, it’s Tom Heath, vice president and senior loan officer with NOVA Home Loans. I thought it was about time to share some good news with you. Every year around this time, Fannie Mae and Freddie Mac start to adjust their conforming loan limits. We anticipate for 2024 that the single family residence loan limit will be $750,000, and a four unit property can be close to $1.2 million. Those would be conforming loans. Before you get into the jumbo category, they’re not officially announced yet, so there might be some variations as we roll into 2024. But the good news is we here at NOVA have already adopted those figures. So we’ve increased our conforming loan limits to match those in anticipation of the changes.
Also, really good news from Fannie Mae as they’ve reduced the down payment requirement on 2 to 4 unit properties to 5%, which is a huge win for people looking to invest in real estate. They can owner occupy one of the units, rent out the others, and start to build wealth through their real estate. If you have any questions on this, just reach out to us via phone or email. There’s a contact form and more information on MGGroupTucson.com. And as always, if you’ve got a question or anything you want us to cover, just let us know. Have a great day!
