Westerra Credit Union increases single-family home conforming loan limits early to give consumers more buying power
DENVER, CO (September 30, 2022) — 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.
“We are always looking for ways to help our members and providing the increased loan limits well before the 2023 deadline is just one example of that,” said Michelle Burke, VP of Mortgage Lending, Westerra Credit Union. “We know how overwhelming home buying can be, especially in the Denver Metro Area and Front Range where home prices have risen substantially, and we want to help alleviate some of that stress.”
Westerra Credit Union mortgage loan officers help homebuyers make a game plan before falling in love with their dream home. There are many strategies to give buyers the ‘edge’ when purchasing a home and Westerra gives members that personal touch with loan customization and full pre-approvals with Close On-Time Guarantees to eligible borrowers.
Additional information for home buyers can be found at https://www.westerracu.com/borrowing/mortgage
About Westerra Credit Union
Founded in Denver 1934 by eight schoolteachers, Westerra lives into its purpose “We exist to teach one another to prosper” by focusing on meaningful relationships, helping individuals, families and businesses meet their financial goals, and positively impacting lives through financial education. Westerra holds approximately $2-billion in assets, is member-owned and serves 110,000 members across the Denver metro area. Each individual depositor at Westerra is federally insured by the National Credit Union Administration (NCUA) up to $250,000, and backed by the full faith and credit of the United States government. In the past decade, Westerra has donated millions to the community through sponsorships, donations and grants and, on average, contributes over 1,200 volunteer hours each year to community and school-based programs. Join us in building a modern financial community where we all truly belong by becoming a member in less than 5 minutes! For more information, visit www.westerracu.com.