Solarity Credit Union has increased its conforming home loan limit to $647,200, up from $548,250 to help our members get into the home they want amid skyrocketing home prices.
This increase means some borrowers can purchase the home they want at conventional loan pricing, without having to step up to a jumbo loan, which can often come with a higher rate and a more involved process. Solarity adopted the limit increase in hopes of serving more of our community.
When borrowers need a loan for an amount that exceeds conforming loan limit, borrowers must apply for a jumbo loan. Jumbo loans typically require higher credit scores, higher interest rates and larger down payments. Solarity’s new increase means many more borrowers will be eligible for conventional loan financing.
“We are so excited to immediately offer this increase to our members,” says Debbie Ingle, Vice President of Home Loans at Solarity Credit Union. “Home prices are rising. Giving our members more choices, such as a higher loan limit with an affordable interest rate, will make a huge difference for many families.”