Happy New Year everyone. I hope everyone had a wonderful holiday season. There isn’t a whole lot of change/exciting market news to share about the continual lack of inventory.
Here’s a roundup of things that may be impactful as we look forward to Buying & Selling opportunities as the year unfolds:
Mortgage Rates
We ended the year with mortgage rates continuing to fall. Earlier this week, I saw rates from a private bank broker that quoted 30Y rates all with 1 point. 1 point= 1% of the loan amount
conforming 5.875%
high balance 6%
jumbo 6.125%
Please remember rate surveys like the Mortgage News Daily Rate Index may be quoted with varying points. Credit score, LTV, DTI, property type requirements and rate impact will all vary between loan programs and lenders
2024 Conforming Loan Limits
VA technically does not impose a loan limit, but the lender/investor usually does impose a limit.
National conforming loan limit (aka the “regular conforming loan”) – this includes Imperial, Riverside and San Bernardino Counties as they have no High-Balance loan options available:
$766,550 – 1 unit
$981,500– 2 units
$1,186,350– 3 units
$1,474,400 – 4 units
High balance loan limits for San Diego County:
$1,006,250 – 1 unit
$1,288,200– 2 units
$1,557,150– 3 units
$1,935,150– 4 units
High balance loan limits for Los Angeles, Orange and most Bay Area Counties:
$1,149,825 – 1 unit
$1,472,250– 2 units
$1,779,525 – 3 units
$2,211,600– 4 units
BEFORE you file your 2023 taxes
It’s that time of year where if you’re already starting to think about getting your paperwork together for your 2023 tax return, especially if you are Self Employed or run your income through a S Corp, AND you want to buy property this year, qualify for a mortgage in a refinance, take out a HELOC, please talk to a lender BEFORE you file taxes. You will want to understand how much income you need to qualify.