Homebuyers can get a $1 million mortgage right away with a 3% down payment

To get a $1 million mortgage, Americans typically have to put down a down payment of at least 20% of the home price. Starting next year, some buyers may cut prices by as little as 3%.

Mortgage limit fannie mae When freddie mac Rise Up to $1,089,300 next year some expensive markets The Federal Housing Finance Agency (FHFA) said it was up from $970,800, including Los Angeles and New York. Higher limits mean borrowers can qualify for larger loans without having to take out jumbo mortgages that are not federally backed and have more stringent income, credit and down payment requirements. To do.