An Historical view of the FannieMae limit
With all the chatter this week with loan limits increasing I thought it would be fun to take a look back.
But first- lets talk about the new limits:
We have a significant increase in the base loan limit from $453,100 in 2018 to $484,350 in 2019.
Since I am Licensed in NJ and most of my market is considered a "High Cost Area" that limit is 150% greater. We see that limit jump from $679,650 up to $726,525 for a single family home.
We are accepting loans at the increased numbers IMMEDIATELY. so no need to wait until next year.
After spending more than a decade at $417,000 we have seen some significant increases in the past few years, clearly showing price appreciation in residential Real Estate. Prices are up and the market is strong! (so it is time to buy now!)
Here is the fun side, (for me at least) a little historical look back. I chose 1987 since that is the year I started in the business, what a long way we have come.
(A little side note: the "High Cost Limits" started in 2008 to provide liquidity in the market when there was very limited "jumbo" money available. Prior to that guidelines were much different above the conforming limit)
FHA has not announced it's limits yet, but I anticipate they will be the same as above... it just isn't official yet.
Call me for all your residential lending needs!
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 9 Grand Ave, Building 2 Suite A 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 08722 Bayville 08721, Manchester 08757 08733, Manahawkin 08050, Robert Rauf is a Licensed Mortgage Loan Originator in New Jersey
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