Loan Limits Increase in 2020 for the Washington Metro Area
On November 26, 2019, the Federal Housing Finance Agency (FHFA) published the 2020 conforming loan limits for Freddie Mac and Fannie Mae. The baseline (national) limit will increase to $510,400 from $484,350 in 2019. In high cost areas, including the Washington Metro area, the limit will go up to $765,600 (from $726,525). The loan limits are based on FHFA’s Housing Price Index, which increased by 5.38% since last year. Therefore, the baseline maximum conforming loan limit in 2020 will increase by the same percentage. Visit this site to look up the loan limits in all areas. The new limits take effect on Jan 1, 2020. FHA is expected to publish its loan limits in early December, which should mirror the FHFA limits.
Visit FHFA Conforming Loan Limits for more information.