Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

FHFA: Mortgage Loan Limits Rise to over $510k
Today, the FHFA (Federal Housing Finance Agency) announced the new conforming loan limits for Fannie Mae and Freddie Mac. The result is similar to the past four years: they’re on the rise, reaching a limit of $510,400 for most of the states on the US. This is a big increase from 2019’s $484,350 loan limit, and it gives us a glimpse at how our economy is actually growing and how our home values keep changing, this time for the best.
 
The loan limit has been increasing for the past four years (by almost $100,000). This all started when the FHFA increased the loan limit for the first time in 2016 from $417,000 to $424,100, the limit kept rising until today, reaching its highest value at $510,400.
 
Conforming loan limits are dictated by 2008’s HERA (Housing and Economic Recovery Act). This act establishes the base loan limit and stops it from rising until home prices start to show pre-decline levels. But home prices have increased by an average of 5.38% between 2018 and today, that’s why the baseline maximum has increased alongside this percentage.
 
Loan limits vary from state to state. Places like Alaska and Hawaii have a limit ... more

__________________________________________________
Are you on The Rain? Grow Your Network!