Rising mortgage rates have made home buying less affordable. The biggest burden falls on people who are struggling to purchase their first home and those trying to move up into more expensive one. One strategy for dealing with higher rates is to temporarily buy down the interest rate.

Loan limits for most conventional mortgages are increasing in 2023, and Soar Lending has started accepting loans with the 2023 conventional loan limits early. Eligible borrowers can now get a conventional loan for up to $715,000 in most areas of the country. Alaska and Hawaii have higher limits at $1,073,000.

Saving enough for down payment and closing costs is a challenge for many first-time homebuyers. Through Freddie Mac's BorrowSmart Program, Soar Lending provides up to $2,500 in assistance to income-qualified buyers to be used towards the down payment or closings costs required to finance a home.