On Tuesday, The Federal Housing Finance Agency (FHFA) announced an increase in maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018.
The FHFA stated that loan limits will be raised to reflect the change in U.S. home prices. The press release distributed by the agency states:
“According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017. Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage.” – Federal Housing Finance Agency
This is the second straight year that limits have increased. Throughout most of the United States, the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017. Designated High-Cost areas will also see a loan limit increase.
To learn more about loan limits in your area and what they mean for you, contact a Marketplace Home Mortgage Loan Officer today.
To read the full press release visit: http://bit.ly/LoanLimits2018
We are proud to share that Marketplace Home Mortgage was voted Best Mortgage Company in this year’s TC Business Reader Poll.
Each year, TC Business Magazine works with DataJoe Research to accumulate votes for their “Best of Business” Awards. Through the process, they survey thousands of professionals to determine which companies exemplify excellence in their respective industries.
We are honored to be recognized. Thank you to all of the clients and industry peers who voted for us. Our mission is to provide our customers with the best possible mortgage experience, and we are so proud to know that you are experiencing the excellence we always strive for.
Thank you for your business. It is truly an honor to serve you.
As always, contact us with any questions or concerns.
Marketplace Home Mortgage, L.L.C. is excited to be adding to our product line as we launch our new Commercial Lending Division. With the acquisition of First Financial Commercial, a 20-year Commercial Lender owned and operated by Stephanie Safe, Marketplace Home Mortgage now offers commercial lending to clients across the nation.
Together, Stephanie, and Marketplace executive, Greg Ettinger, will be leading the effort.
With her long list of industry contacts, Ms. Safe and Mr. Ettinger will connect commercial clients to the resources, support and unmatched talent Marketplace provides.
“Marketplace is built on relationships, expertise and technology that simplifies lending,” Ms. Safe said. “Now that commercial lending is under the same roof, we can guarantee great service for every possible type of customer demand.”
Ms. Safe has spent the past decade running her own commercial lending company, headquartered in Minnesota while closing transactions across the United States. Her national experience with projects from Multi-Family, Senior Facilities and a variety of other commercial real estate puts a new tool in the arsenal of the 180-plus Marketplace loan officers across their footprint.
“With Stephanie on board, we don’t have to point customers interested in commercial options to the lender down the street,” said Chief Development Officer Greg Ettinger. “Marketplace becomes the go-to option for any and all real estate related lending services.”
Marketplace is well into an expansion that has seen new offices in Iowa, South Dakota, New Hampshire and other states in the past year. CEO Keith White – who’s known Ms. Safe for years – said he envisioned her for the company’s commercial lending leadership long ago.
“Stephanie brings a lot more than her Rolodex to our team,” White said. “She’s charismatic, hardworking and committed to stellar results. Whatever your commercial lending needs, our team will deliver – faster and smarter than anyone else.”
We are excited to announce that our South Dakota base has continued to expand with the addition of another key loan officer.
After nearly 15 years as a mortgage loan officer at a large bank, Jen Albers joins our growing team of home mortgage experts in Sioux Falls. She’ll work alongside Josh Osborne, another new major hire, as a key team member assisting the company’s goal of becoming the No. 1 mortgage lender in the city within a year.
“I’m thrilled to join Marketplace and help South Dakotans find their perfect home,” Albers said. “I am so excited to surround myself with the professionals at Marketplace and continue to learn what has made them so successful. Through working with the best, I will be able to provide my clients and customers even better products and services.”
Albers said Marketplace’s deep catalog of loan programs and marketing tools convinced her to join the company. She’s also excited to use Marketplace’s industry-leading technology suite, which speeds up and simplifies the loan approval process for every party involved.
More and more loan officers with backgrounds at large banks are joining Marketplace for similar reasons, said Northwest Regional Manager John Showers.
“We’re big enough to offer our team the resources of a major financial institution but nimble enough to stay on top of industry trends,” Showers said. “New hires see the value in our innovative approach to the mortgage business, such as the security that comes with our On-Time Closing Guarantee.”
Marketplace is continuing to expand our Sioux Falls presence as the area is experiencing major growth in industries like health care.
“We fought hard to bring Jen and Josh on board because they operate with the high level of excellence Marketplace is known for,” CEO Keith White said. “I have great confidence that our new team members in Sioux Falls will deliver the same extraordinary results and bring outstanding benefits to their clients that we are known for in every market we operate in around the country. ”
One of South Dakota’s top loan producer officers is bringing his team, talent, and coveted brand to Marketplace Home Mortgage.
Josh Osborne will be leading our new brick-and-mortar location in Sioux Falls, where families are flocking to buy homes as the market booms. Accompanying Osborne are members of his team who helped close more than $76 million in home loans last year.
In his seven years as a loan officer, Osborne has created a respected, experienced group of home mortgage professionals. Last year alone his team executed more than 400 closings. The Sioux Empire Housing Partnership named him 2016’s housing lender of the year. The state Housing Development Authority deemed him the “best of the best” at helping families use its first-time homebuyer program in the Sioux Falls region.
“Josh has built in less than a decade what many people take a lifetime to achieve,” said Marketplace Northwest Regional Manager John Showers. “He matches the Marketplace profile of friendly, expert service with no surprises along the way.”
“We love the people and economics of Sioux Falls. It is a key piece of our strategy in this region and we believe that our unique approach to reaching more consumers will help further enhance the home buying experience for the people of SD,” said CEO Keith White. “We wanted the right person to expand and lead our South Dakota footprint, and there’s truly no better choice.”
Loan limits 2017 update: For the first time in years, maximum conventional and FHA loan amounts have increased. Refer to the table below for the new conventional limits on loans closed in 2017 (even if originated prior to 1/1/2017). In addition to the changes in the table below, the high balance limits have also increased. READ MORE