Tuesday, November 27, 2018

Loan Limits on the Raise for 2019


Today the Federal Housing Finance Agency (FHFA) announced for the third year in a row they are increasing the conforming loan limits for Fannie and Freddie. Per the Housing and Economic Recovery ACT of 2008, requires that the baseline loan limits be adjusted each year to reflect the changes in the national average home price. The increase for 2019 is $484,350 that is a 6.9% increase from 2018.

Home prices are on the raise and this moves keeps up with the economic need for higher loan limits. Loan limits for High Cost Areas where 115% of the local median home value exceeds the baseline loan limits, the High Balance limit is $726,525 and cannot exceed 150% of the baseline $484,350.

To check the High Balance limits for your county..  Click HERE! 

Below is a list of loan limits per unit for 1-4 units, the amount goes up for each added unit. 

New Limits
Conforming
1 unit - $484,350
2 unit - $620,200
3 unit - $749,650
4 unit – $931,600

High Balance
1 unit - $726,525
2 unit - $930,300
3 unit - $1,124,475
4 unit - $1,397,400

For more information please contact me at 808-457-2455.

Thank you for visiting my blog, I encourage you to leave a comment or questions. Let me know if my blog has helped you. I would love to hear your thoughts and any ideas for future posts.

Roxy Redenbaugh
ACMC Loan Consultant
Mortgage Coach
Branch Manager
NMLS #269926

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