Academy Mortgage’s Conforming Loan limits have increased by roughly 10 percent—from $647,200 to $715,000—for one-unit properties in most parts of the U.S. This change gives homebuyers purchasing within this price range the opportunity to qualify for a Conforming Loan instead of a Jumbo. A Conforming Loan typically comes with a lower rate and a smaller down payment.
Academy Mortgage’s Conforming Loan limits will also increase from $970,800 to $1,073,000 in Hawaii and Alaska. Purchase, rate-and-term refinance, and cash-out refinance are all permitted under these new limits.
Academy Mortgage is making these larger loan limits available to its borrowers in advance of the FHFA’s (Federal Housing Finance Agency) late-November announcement. Loan limits usually increase as a response to housing market growth, ensuring that homebuyers continue to have access to affordable mortgage products while home values are on the rise.