New FHFA Conforming Loan Limits for 2019

By
Mortgage and Lending with Franklin Advantage Inc. NMLS Lic. # 343946

 

FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2019

 

 It's that time of year when changes to Fannie Mae and Freddie Mac Mortgage Loan Limits are reviewed and adjusted.  This year, loan limits took a sharp increase over 2018.

Below is an excerpt from Mortgage New Daily regarding the change.

Given the rapid run-up in home prices over the last year, it's no surprise that loan limits will also be going up in 2019.  The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages eligible for acquisition or guarantee by the two government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae will be $484,350.

The conforming loan limit as established by the Housing and Economic Recovery Act (HERA) is reviewed each year and adjusted as necessary to reflect the change in the average U.S. home price.   The new limit represents a 6.9 percent increase over the $453,100 limit for 2018, the percentage by which FHFA's Housing Price Index (HPI) for the third quarter of 2018 increased on an annual basis.

The new limit is considered the baseline for conforming loans, but HERA acknowledges that home prices can vary widely by location so provides a formula for those areas with high home values.  These limits apply to areas in which 115 percent of the local median home price exceeds the baseline. Higher loan limits will vary but cannot exceed the new ceiling limit of $726,520 which is 150 percent of the baseline amount.  A ceiling of $726,525 applies to Alaska, Hawaii, Guam, and the U.S. Virgin Islands.  FHFA says that the substantial increase in prices nationwide means that most of the higher-priced areas will see increases in their loan limits.  

The new limits are effective as of January 1, 2019. The Federal Housing Administration (FHA) and the VA are expected to adopt the same loan limits for 2019.

Below is a link to the 2019 Limits

 

New Limits Here

 

Website:  www.sandiegomtgpro.com

Emaol:  Wayne@SanDiegoMtgPro.com

Direct: 858-997-6300

 

Have a great week everyone

 

 

Posted by

 

Wayne L. Brown, NMLS # 343946
Licensed Mortgage Specialist
Franklin Advantage, Inc.
Direct: 858-997-6300
Email: Wayne@SanDiegoMtgPro.com
Website: 
www.SanDiegoMtgPro.com

Online Application:

https://www.blink.mortgage/app/signup/p/franklinadvantageincc/waynebrown

 

 

L/O CA DRE LIC. # 00906571

Corp. NMLS # 285786

CORP CA DRE LIC. # 01837286

 

Equal Housing Lender

 

About Wayne Brown

 

Wayne is a Licensed Mortgage Banker, and is based in San Diego.  With over 35 years in commercial and mortgage banking, he serves all of California and has closed more than 5,600 loans in his career.

 

He specializes in Conventional, FHA, VA, and Reverse Mortgages for residential lending purposes.  Both he and his company always strive to exceed each client's expectations through knowledgeable, ethical, and transparent representation to service their financial needs. 

 

Contact Wayne for a Free and Confidential mortgage analysis and pre-approval without obligation, or to simply get answers to your mortgage questions.  Wayne can be reached directly at 858-997-6300.

Equal Housing Lender                     

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Tags:
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Rainmaker
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Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

For buyers and sellers it is a great information and they will understand what kind of mortgage to get.

Nov 29, 2018 08:52 AM #1
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Wayne - there is certainly no surprise here.  Certainly good news for buyers.

Dec 05, 2018 03:10 AM #2
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Rainmaker
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Wayne L. Brown

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