It's that time of year again; formal announcement by the Federal Housing Finance Agency (FHFA) about the 2020 Conforming loan limits. As expected the FHFA raised the limit to $510, 400 (one unit properties) and in some counties as high as $765,600.
This is a great news for homebuyers and homeowners; especially in the the state of California where home values are much higher than the national average.
Top Counties:
Here is a short list of some of the top loan amount counties in California. Raising the conforming loan limits in California will enable more homebuyers and allow more homeowners to refinance their current mortgage.
- Alameda County: One unit - $765,600 Two unit - $980,325 Three unit - $1,184,925 Four unit - $1,472,550
- Fresno County: One unit - $510,400 Two unit - $653,550 Three unit - $789,950 Four unit - $981,700
- Los Angeles County: One unit - $765,600 Two unit - $980,325 Three unit - $1,184,925 Four unit - $1,472,550
- San Bernardino Count: One unit - $510,400 Two unit - $653,550 Three unit - $789,950 Four unit - $981,700
- Shasta County: One unit - $510,400 Two unit - $653,550 Three unit - $789,950 Four unit - $981,700
- Ventura County: One unit - $713,000 Two unit - $912,750 Three unit - $1,103,350 Four unit - $1,371,150
Federal Housing Finance Agency:
The Federal Housing Finance Agency (FHFA):
“Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2020. In most of the U.S., the 2020 maximum conforming loan limit for one-unit properties will be $510,400, an increase from $484,350 in 2019.”
Baseline limit:
“The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. Earlier today, FHFA published its third quarter 2019 FHFA House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters. According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 5.38 percent, on average, between the third quarters of 2018 and 2019. Therefore, the baseline maximum conforming loan limit in 2020 will increase by the same percentage.”
Comments (0)Subscribe to CommentsComment