The Federal Housing Finance Agency (FHFA) announced an increase to the maximum conforming loan limits for mortgages 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, Hawaii, 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 ten years 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.
This means consumers can borrow a higher loan amount and thus potentially have to put less money down. This allows individuals who own a home to take more cash from their home’s equity.
If you want 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.
