The Federal Housing Finance Agency (FHFA) announced this week an increase to the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019. In most of the US, there will be a 6.9% increase on loan limits for one-unit properties, from $453,100 to $484,350. In Alaska and Hawaii, as well as Guam and the U.S. Virgin Islands, the loan limit will be set at $726,525. This is the third straight year that the loan limits have increased, after a ten-year stretch of no increases between 2006 and 2016.
“As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2019 in all but 47 counties or county-equivalents in the U.S.,” the FHFA said in a news release.
What this means to consumers is being able to borrow a higher loan amount, and thus potentially having to put less money down. And this allows individuals who already own a home to be able to take more cash out of their home’s equity.
If you would like to know more about getting a mortgage loan with a higher loan limit in 2019, contact the experts at NASB at 855-465-0753 or click here.