Conforming Loan Limits Increase
If you are shopping for a mortgage, you may hear the terms conforming and non-conforming, and wonder what exactly they mean. Simply put, conforming loans are at or below the level of debt that can be taken on by Fannie Mae and Freddie Mac. With non-conforming loans, there are additional financial requirements that are part of the mortgage process. Every year the Federal Housing Finance Agency (FHFA) determines the necessary increase in housing prices in order to establish the new conforming loan values.
Conforming Loan Limits for 2019
The FHFA announced the increased loan limits for conforming loans in 2019. Per the annual requirement of the FHFA raising their Fannie Mae and Freddie Mac loan limits, the maximum numbers for 2019 have been released. Due to increases in the average value of homes in the United States, the new conforming loan limit for 2019 has been increased to $484,350 from $453,100. These limits represent borrowed amounts in relation to the acquisition of a one unit structure, with increasing limits set for multi-family dwellings.
If you live in a high-cost area, your maximum amount may be even higher, and you can determine the level for your county by checking the table here. Our team is available to help you secure the most cost-effective financing for your real estate purchase, whether the loan is at a conforming or non-conforming level.
Call Core today to unlock your savings using a mortgage broker! You can contact us or call 239-514-2674