They’ve done it again!T
The Federal Housing Finance Agency (FHFA) recently announced the maximum conforming loan limits for 2019. After not increasing the limits for 10 years, this will be the third increase in three years! Economists speculate that with home prices still on the rise there was a need for the increase for the third straight year. The increase from $453,100 to $484,350 in 2019 is a 6.9% increase from last year’s.
Additionally, loan limits will also increase in “high cost areas” where 115% of the local median home value exceeds the baseline loan limit.
The new loan limits are as follow:
Maximum Loan Amount for 2019
|Units||Contiguous States, District of Columbia, and Puerto Rico||
Alaska, Guam, Hawaii, and the U.S. Virgin Islands
(also in designated high cost areas)
A more detailed county breakdown can be found here:
For a more details and how this increase can assist you in buying or refinance a home, call your Loan Originator today!
Product requirements effective 1/1/19 • Product availability & requirements subject to change.