Mortgage news The home market can change day-to-day and month to month in Genesee County and Surrounding Areas in Michigan Check this page for tips we think you may find valuable. Conventional Loan Limits Increased: Maximum loan limits on conventional loans have been raised from 275,000 to 333,700 to keep pace with increased home prices.

This may benefit you in two ways. First, if you own a home with a loan balance between $275,000 and $300,700 you may now be able to refinance that loan with a conventional rate (at this time around 6%). Interest rates on loans over the conventional limits are typically .5% to 1% higher than conventional.

The second way this could help, if you were shopping for a home last summer or last fall in the $290,000 to $340,000 price range. The payment may now be $200.00 to $300.00 dollars less.

FHA Loan limit Increased: Loan limits on FHA loans have been increased 5% or greater depending on the County in which the home is located. This will make it possible for home buyers to obtain a better home under the FHA 3% down program.

Example: Before the limits were raised, the maximum sales price to qualify for this program in Genesee County MI. was $148,400.00.

Now the maximum sales price is $164,700.00

Lower Interest Rates: With interest rates close to 6% a $150,000 loan is now $300 cheaper than it was in August of 2002.

First Time Buyer Programs: There are first time buyer programs available right now that can make it possible to purchase a first home with 0%, 1%, 2% or 3% down. There are guidelines that must be met depending on the location of the home, but they are worth checking into.

VA Loan Limit increase: Department of veterans affairs has increased loan limits to $240,000.