Introducing the Expanded Loan Amount Conforming Program
A new way to make buying more, easier
If you’ve got your eye on a home that’s just above the conforming limit, you don’t want to wait on this news…
Guaranteed Rate now offers the Expanded Loan Amount Conforming Program that increases the amount that qualifies for a conforming loan:
- Between $548,251 and $625,000 (in 48 contiguous states)
- Between $822,376 and $937,500 (in Alaska and Hawaii)
Here’s why this matters:
Let’s say you’re buying a home in Illinois for $600,000…in most states, this would be labeled a Jumbo/non-conforming loan. Those loans typically have stricter underwriting requirements (i.e., higher credit score requirements, lower Debt-to-Income, lower maximum Loan to Value, etc.) and less favorable pricing options.
With the Expanded Loan Amount Conforming Program, you could get that $600,000 home in conforming terms, not Jumbo terms. That means better pricing options and more flexible underwriting requirements. This program is available in 20-, 25- and 30-year term options.
Are you thinking about refinancing instead? This program comes with rate and term refinancing options (95% Loan to Value) as well as cash-out refinancing options (80% Loan to Value).
Do you qualify?
- Must be purchasing a one-unit primary residence (no manufactured housing).
- Must meet minimum credit requirements.
Conventional conforming loans only. Loan limits may be higher in certain high cost areas. Contact Guaranteed Rate for more information.
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