FHFA Increases Conforming And High Balance Loan Limits For 2019
This BLOG On FHFA Increases Conforming And High Balance Loan Limits For 2019 Was PUBLISHED On November 27th, 2018
Conventional Loans are the most popular loan program in the United States.
- Housing prices have been skyrocketing in all areas of the U.S. despite mortgage rates being at the highest level since 2008
- Many home buyers who qualified for conventional loans could not purchase homes since the maximum conforming loan limits were capped at $453,100
In this article, we will cover and discuss FHFA Increases Conforming And High Balance Loan Limits For 2019.
Federal Housing Finance Agency And Conforming Loans
- FHFA increases conforming and high balance loan limits for 2019 from $453,100 to $484,350 effective January 2019
- Great News for borrowers is Gustan Cho Associates will honor the higher $484,350 loan limit effect immediately
Conventional borrowers can close on their $484,350 conventional loans in 2018 and not have to wait until 2019.
FHFA Increases Conforming And High Balance Loan Limits Nationwide
The Federal Housing Finance Agency announced today that conventional loan limits purchased by mortgage giants Fannie Mae and Freddie Mac will be increasing from $453,100 to $484,350 nationwide.
- FHFA Increases Conforming And High Balance Loan Limits is the third conforming loan limit increase in 3 years
- Every year for the past three years, FHFA has been increasing conforming loan limits due to increasing home values
- The FHFA Conforming Loan Increase marks the third time it has increased loan limits since 2006
The high balance loan limit of $679,500 will be increased to $726,525:
- This means a 150% over the traditional conforming loan limit of $484,350
FHFA Increases Conforming And High Balance Loan Limits Due To Spike In Home Prices
The loan limit for owner occupant single-family properties will now be capped at $484,350 from $453,100 in 2018.
- Home prices had an average increase of 7.0% in the past 12 months
- 47 counties in the United States are classified as high balance loan limits
- VA Loans normally follow Conventional Lending Guidelines
- VA Loans will follow Conforming Loan Limits
- This also includes VA High Balance Loans
Gustan Cho Associates is honoring the new increased loan limits effective tomorrow. That’s an increase from $453,100 to $484,350 for regular conventional loans and from $679,650 to $726,525 for conventional high balance loans.
Take Advantage Of Higher Conforming Loan Limits Today And Not Wait Until New Year
Don’t wait for the New Year to qualify for conforming loans. Start the mortgage process tomorrow, November 28th and close before the holidays. Even though the FHFA announced the conforming loan limits will be increasing starting January 1, 2018, Gustan Cho Associates are letting you submit and close your high balance loans now, no need to wait. The increase in conforming loan limits is great news. HUD, the parent of FHA, normally follows loan limit increases by FHFA. We will see what HUD loan limit increases will be in the coming days.
To qualify contact us at Gustan Cho Associates Mortgage Group at 262-716-8151 or text us for faster response. Or email us at [email protected] Our licensed and support personnel team are available 7 days a week, evenings, weekends, and holidays.