More Homebuying Power Is Available Today
The housing market has changed significantly over the past several years. Rising home values, competitive markets, and evolving borrower needs have made financing flexibility more important than ever. For many buyers, finding the right home is only part of the journey. Securing the right financing can be just as important.
That's why TowneBank Mortgage is excited to offer expanded conventional financing options for eligible borrowers. Through select investor partnerships, qualified homebuyers may now have access to conventional loan amounts up to $850,000 for a 1-unit property, providing additional purchasing power and greater flexibility when navigating today's housing market.
Whether you're purchasing your first home, upgrading to meet the needs of a growing family, investing in a multi-unit property, or relocating to a new community, expanded financing options may help open doors to opportunities that previously felt out of reach.
What Does This Mean for Homebuyers?
Expand Your Home Search
A higher available loan amount may allow you to consider properties that were previously outside your financing range. This can provide access to a wider selection of homes and potentially reduce the compromises buyers sometimes face during their search.
Explore Additional Neighborhoods
Many buyers begin their home search with a specific area in mind, only to discover other neighborhoods that better align with their lifestyle, commute needs, school preferences, or long-term goals. Expanded financing flexibility may allow buyers to evaluate a broader range of communities and housing options.
Maintain Access to Conventional Financing
For higher-priced homes, buyers may appreciate the ability to remain within conventional financing guidelines when eligible. Having access to larger conventional loan amounts can provide additional choices when determining the financing solution that best fits their objectives.
Increase Purchasing Power
Every buyer's situation is different, but additional borrowing capacity can make a meaningful difference. Whether you're purchasing your first home, moving up to a larger property, or purchasing a multi-unit residence, increased financing flexibility may help support your homeownership goals.
Available Loan Amounts
| Property Type | Maximum Loan Amount* |
|---|---|
| 1-Unit Property | $850,000 |
| 2-Unit Property | $1,088,350 |
| 3-Unit Property | $1,315,500 |
| 4-Unit Property | $1,634,950 |
*Subject to investor participation, property eligibility, underwriting requirements, and borrower qualification.
Why Financing Flexibility Matters
As property values continue to rise in many areas, buyers often face a common challenge: finding a home that meets their needs while staying within their desired financing structure.
Higher available conventional loan amounts can help bridge that gap.
Rather than limiting a home search to a narrower price range, qualified buyers may be able to explore additional options while still utilizing conventional financing programs. This added flexibility can be especially beneficial in markets where inventory is limited and desirable homes command higher prices.
Expanded financing options can help buyers move forward with confidence, knowing they may have more choices available during the home search process.
Understanding Loan Limits and Program Availability
These expanded conventional financing options are available through select investor relationships and are not dependent upon future government agency loan limit announcements.
Because these programs are offered through participating investors, loan amount availability may vary based on investor guidelines, borrower qualifications, and property characteristics. Program availability can also change over time as market conditions evolve.
An experienced mortgage professional can help determine which financing options may be available for your unique situation.
Is This Financing Option Right for You?
Every homebuyer's financial profile is different. Loan amount eligibility depends on several factors, including:- Income and employment history
- Credit profile and credit score
- Available assets and reserves
- Property type and occupancy
- Debt-to-income ratios
- Investor requirements
- Underwriting guidelines
Because these factors vary from borrower to borrower, the best way to understand your available options is through a personalized consultation.
Explore Your Options With Us
If you're considering purchasing a home, now may be the perfect time to learn how expanded conventional financing options could impact your purchasing power.
Contact a TowneBank Mortgage Loan Officer today to learn more about expanded conventional financing options and discover how they may support your homeownership journey.
Financing is available for qualified borrowers on eligible properties and is subject to credit approval, underwriting requirements, investor participation, and program availability. Not all applicants will qualify. Loan amount availability may vary by investor.