Finance of Mortgage America Announces Conforming Loan Limit Increase

Finance of Mortgage America (FAM) has announced plans to increase its conforming loan limits on an interim basis to “help borrowers overcome rising home prices.”

The mortgage lender said Monday that it now offers conforming loan amounts of up to $ 625,000 for conventional single-family home loans. It also increased the maximum loan limit in certain markets by more than $ 75,000 for one-unit homes and nearly $ 150,000 for four-unit homes, as required by the Federal Housing Finance Agency.

“As a result, some qualified borrowers may qualify for conventional pricing with lower interest rates rather than relying on a jumbo mortgage, which generally has stricter qualification guidelines,” FAM said in a statement.

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