Westerra Credit Union is implementing 2023 baseline conforming loan limits early, giving homebuyers the opportunity to take advantage of better loan terms up to $715,000 for a single-family home versus the 2022 conforming loan limit of $647,200. A conforming loan is a mortgage loan that both meets the underwriting guidelines of Fannie Mae and Freddie Mac and that does not exceed the conforming loan limit. Conforming loans also typically offer lower interest rates than other types of mortgages.
By implementing the increase in the baseline conforming loan limits early, Westerra may provide more members the ability to qualify for a home purchase at more favorable terms than what is available with typical Jumbo financing. This could make a difference for homebuyers in Colorado markets that have seen a huge rise in home prices and demand over the past few years.
Additional information for home buyers can be found at https://www.westerracu.