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2023 Raleigh Conforming Loan Limits 

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The 2023 conforming loan limits for the Raleigh, North Carolina and the Triangle of North Carolina by the Federal Housing Finance Agency (FHFA) have been established. 2023 will bring a $79,000 increase in conforming loan limits for a one-unit property in Raleigh, North Carolina and surrounding areas.  The new 2023 conforming loan limit is $726,200.

Higher conforming loan limits benefit both a homebuyers and homeowners too! For a homebuyers, it opens more price points with lower down payments  For homeowners, they can access more equity.

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Kevin Martini

Raleigh Mortgage Broker & Certified Mortgage Advisor

Benefits from the 2023 Loan Limit Increase

BUY A HOME

It may make sense for you to consider a new home purchase using the higher loan amounts. This may be the perfect time for you to lock in your interest rate before interest rates move higher.

REFINANCE

It may be worth it to consider a home loan refinance if:

  • You currently have a home loan that is near the loan limit
  • You’d like to make some home improvements
  • You’d like to consolidate other debts into your home loan (such as home equity loans or credit cards)
  • You’re paying mortgage insurance and your home has increased in value from the time when you purchased the home
  • You anticipate a change in your cash flow situation in the coming months (college funding, retirement, elder care, etc.)

Raleigh, NC 2023 Conforming Loan Limits 

One-Unit

Two-Unit

Three-Unit

Four-Unit

$726,200

$929,850

$1,123,900

$1,396,800

All cities and towns in Wake County to include Raleigh and Apex, Garner, Fuquay-Varina, Holly Springs, Knightdale, Morrisville, Roseville, Wendell, Zebulon.

History of Conforming Loan Limits in Raleigh

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What are conforming loan limits?

Fannie Mae (a.k.a. Federal National Mortgage Association or FNMA) and Freddie Mac (a.k.a. Federal Home Loan Mortgage Corporation or FMCC) were created by Congress to provide liquidity, stability and affordability to the mortgage markets.  Both Fannie Mae and Freddie Mac are government-sponsored entities not lenders instead, they offer access to funds and guarantees.

Loans guaranteed by Fannie Mae or Fredie Mac are commonly referred to as conforming loans since they conform to the Fannie Mae and Freddie Mac guidelines. Conforming loans are also referred to as agency or conventional loans.

Housing and Economic Recovery Act (HERA)

In response to events of 2008, HERA was a piece of legislation that requires a baseline conforming loan limit to be adjusted annually to properly reflect the changes in average home prices using data from the last four quarters from the FHFA House Price Index (a.k.a.FHFA HPI).

According to the most recent FHFA HPI, home price rose on average 12.4% from the third quarter of 2021 to the third quarter of 2022. In North Carolina, home prices rose 17.4%. The Raleigh – Cary metro area had a 16.7% year-over-year change and is ranked #18 of 100 top metros.

Be ready to make you move

Let’s connect so you can understand how higher conforming loan limits can help you and your family.

Freeze it and opt-out!

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One of the most important assets often overlooked and not properly protected by many is their credit score.  The single most important thing you can do to protect your credit and not fall victim to identity theft is a credit freeze …the second most important thing to do is to opt-out of pre-screening. 

…there is no guarantees that a freeze will protect you 100% of the time.  One may still steal your non public private information or maybe one may hack into one of your existing open accounts  however it is my opinion, the credit freeze combined with opting out of unwanted credit solicitation is the most reliable defense you have in your arsenal to prevent identity fraud.

kevin martini best raleigh mortgage broker

Kevin Martini

Certified Mortgage Advisor & Raleigh Mortgage Broker

Martini Mortgage Podcast | Episode 167 | Freeze it and opt-out

Resources discussed in episode 167 of the Martini Mortgage Podcast

OptOutPreScreen.com

A free a centralized service which is a joint venture between Equifax Information Services, LLC, Experian Information Solutions, Inc., Innovis Data Solutions, Inc., and TransUnion, LLC  (a.k.a. Consumer Credit Reporting Companies) to accept and process requests from consumers to “Opt-Out” of firm offers of credit.

WEBSITE: www.OptOutPreScreen.com

PHONE: 888-5-OPT-OUT (888-567-8688)

How to Freeze YOUR Credit

The process to freeze your credit is free but the benefits are priceless. The fastest way is online however you can also request a credit freeze by phone or mail. Below is the contact information of each of the credit repositories.

Experian 

Experian Credit Freeze Pagehttps://www.experian.com/freeze/center.html
Experian Phone Number 888.397.3742
Experian Mailing Address Experian Security Freeze
P.O. Box 9554
Allen, TX 75013

Equifax

Equifax Credit Freeze Pagehttps://www.equifax.com/personal/credit-report-services/credit-freeze/
Equifax Phone Number 888.298.0045
Equifax Mailing Address Equifax Information Services 
P.O. Box 105788
Atlanta, GA 30348

TransUnion

TransUnion Credit Freeze Pagehttps://www.transunion.com/credit-freeze
TransUnion Phone Number 888.909.8872
TransUnion Mailing Address TransUnion
P.O. Box 160
Woodlyn, PA 19094

What is an appraisal and how do you read it? 

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Comparables (a.k.a. comps), adjustments, appraiser’s estimate of value – OH MY!

What is an appraisal?

The Uniform Residential Apprisal Report often referred to as an appraisal provides an estimate of your home’s value. It provides a professional appraiser’s opinion of what he/she thinks your home may be worth. An appraisal must comply with the Uniform Standards of Professional Appraisal Practice and all regulatory requirements. Raleigh mortgage lenders base your home loan amount on the lesser of the appraised value or the purchase price.

What are the keywords to know in Uniform Residential Apprisal Report?

Subject Property – the real estate being appraised 

Comparable Sales – similar properties located in the Subject Property market area

Adjustments – a line-item addition/subtraction from the value of a Comparable Sale 

How does an appraiser determine a value? 

Appraisers are usually required by the lending guidelines to compare your home with similar homes that have sold within the past 6 months. The appraiser then makes adjustments based on the differences in comparable sales. For illustration ONLY:

Your Purchase Price: Let’s say you sign a contract to purchase a home for $800,000.  Oh by the way, the home you are purchasing is the Subject Property.

Comparable Sale # 1 sold for $730,000: However, it doesn’t have a finished basement compared to Subject Property which does. So, the appraiser adjusts the sales price up by $80,000 to $810,000. This means the appraiser thinks Comparable Sale # 1 could have sold for $810,000 if it was more like the Subject Property.

Comparable Sale # 2 sold for $720,000: However, it only has a 1-car garage, compared to the Subject Property which has a 2-car garage. So, the appraiser adjusts the sales price up by $60,000 to $780,000. This means the appraiser thinks Comparable Sale # 2 could have sold for $780,000 if it was more like the Subject Property.

Comparable Sale # 3 sold for $800,000: However, it’s a little larger than the Subject Property. So, the appraiser adjusts the sales price down by $20,000 to $780,000. This means the appraiser thinks Comparable Sale # 3 could have sold for $780,000 if it was more like the Subject Property.

Reconciliation (a.k.a. Appriaser’s Opinion of Value): In this example, the appraiser’s opinion is the Subject Property is worth $790,000 based on the Comparable Sales and all the Adjustments outlined above.

What if you disagree with the Appriaser’s Opinion of Value?

Everyone is entitled opinion of value however the mortgage guidelines require the loan amount to be based on the LESSER of the appraised value or the purchase price. If the value comes in lower that expected one can appeal the appraisal. Acceptance of an appeal does not mean the opinion of value will or ill not change. For an appeal request to be accepted, one  must provide a written statement along with alternative Comparable Sales.  

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Logan Martini

NMLS 1591485 | Senior Mortgage Strategist

[email protected]

    kevin martini best raleigh mortgage broker

    Kevin Martini

    NMLS 143962 | Certified Mortgage Advisor

    [email protected]