We have some more good news from Fannie and Freddie.
Both have increased their loan limits significantly for 2018, The second year in a row after sitting stagnant for almost 10 years.
This is a clear sign that housing prices have increase across the nation.
The general loan limit for 2018 is up to $453,100 for a single family home which is a big step up from 2017's $424,100.
Even better news is the high cost limit is up as well, just keep in mind that not all areas are eligible for the "high cost" figure.
while most of NJ does fit into the high cost area, there are a9 counties that do not. here is a list by county:
The high cost limits were created to provide liquidity in the market during the difficult times we saw in 2007(ish) I affectionately refer to them as baby jumbo loans, previously anything over the Fannie loan limit was considered to be a Jumbo.
These changes can make it even more affordable to purchase a home in NJ and even across the country.
While we have not seen any increases by FHA or VA, they are probably going to follow Fannies lead... I will let you know when we have the official word.
Have a great week!
Rob
Robert Rauf
Mortgage Loan Originator NMLS# 248937
http://www.homebridge.com/RobertRauf
or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 Cell (732)740-0175
RRauf@HomeBridge.com
www.RobertRauf.com
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 16 Madison Avenue, Building 2 Suite 2D Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood Bayville , Manchester 08757 08733, Manahawkin 08050, Robert Rauf is a Licensed Mortgage Loan Originator in New Jersey.
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