The maximum conforming loan amount that Fannie Mae and Freddie Mac can back will increase to $484,350 from $453,100 in 2019, a 6.9 percent increase, the Federal Housing Finance Agency announced today.
NAR President John Smaby applauded the action, saying it will help keep homeownership within reach for many households by ensuring loan limits keep pace with rising home prices. “Without this assurance, borrowers across the country risk being pushed out of the market,” Smaby said today.
The conforming loan limits are also used to define FHA limits.
For high-cost areas, the limits will rise to $726,525 from $679,650.
Identify the 2019 limit for your area.
NAR background on key federal issues.
Courtesy of the National Association of REALTORS