The Federal Housing Finance Agency (FHFA) has recently announced that it will raise the conforming loan limits for Freddie Mac and Fannie Mae, effective January 1, 2020.
- The baseline limit will be raised from $484,350 to $510,400 for most of the U.S.
- In high cost areas, the limit will increase up from $726,525 to $765,600.
Loan limits are based on the FHFA’s Housing Price Index which increased by 5.38% since last year. Accordingly, the maximum conforming loan limit will increase by the same percentage.
More information can be found through the links below:
- CLICK HERE to read HousingWire's "Fannie Mae, Freddie Mac loan limit increases to more than $510,000" Article
- CLICK HERE for the Federal Housing Finance Agency's (FHFA) Map showing the 2020 maximum loan limits across the U.S.
- CLICK HERE to download a spreadsheet of HousingWire's Breakdown by County
Homebuyers should take advantage of these changes! Contact your local realtor Abby Stiller with Remax Realty Group who can help you to find your dream home!