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Conforming, FHA loan limits rose for 2024, but who benefits? 

The latest baseline increase in conforming loan limits has enabled loan originator Dave Krichmar’s client to make a 5% down payment instead of 10%.

The self-employed homebuyer found an $800,000 home in Texas, but with the conforming loan limit for 2023 being $726,200, the buyer needed a jumbo loan or a bank statement loan. Those loan types would require a larger down payment of at least 10% of the home’s value, or $80,000, which would stretch his budget too thin.

“With the latest Federal Housing Finance Agency (FHFA) announcement, he could qualify for a details ⇒

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