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The David Greene Show
Rate Update, Trump's Dilemma and Successful BRRRR | Mortgage Monday
Dec 9, 2024
Christian Bachelder, a mortgage expert at The One Brokerage, unpacks the rising conforming loan limits and their implications for borrowers. He shares strategies for navigating traditional vs. jumbo loans, emphasizing flexible financing with innovative products. The discussion turns to future mortgage rates, influenced by economic factors and political decisions, including how they may affect Trump's policies. Success stories, like a notable BRRRR deal, highlight effective investment strategies amidst a shifting real estate landscape.
26:41
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Quick takeaways
- The increase in conforming loan limits from $766,000 to $802,000 in 2024 offers borrowers better access to lower rates.
- The podcast highlights the unpredictable nature of current mortgage rates, emphasizing the importance of timing home purchases amidst market fluctuations.
Deep dives
Understanding Conforming Loan Limits
Conforming loan limits represent the maximum amount of a mortgage that government-sponsored entities like Fannie Mae and Freddie Mac will purchase, and these limits are adjusted annually based on inflation and local market conditions. For example, in 2024, the conforming loan limit for a single-unit property in a majority of counties is increasing from $766,000 to $802,000, offering better opportunities for borrowers. This change is particularly important for buyers who may have previously qualified for jumbo loans, enabling them to access lower rates and potentially lower down payments. In high-cost areas, such as Los Angeles and San Francisco, the high balance conforming limits allow for even higher loan amounts before crossing into jumbo territory, thereby catering to the unique demands of these metropolitan markets.
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