The Federal Housing Finance Agency increased the 2018 conforming loan limit to $453,100 and is projected to rise to $484,350 during 2019.
What does this mean for you?
Conventional loans in the amount of $484,350 and less are typically underwritten in accordance with Fannie Mae or Freddie Mac guidelines. Loans in excess of this amount are considered jumbo loans and are underwritten in accordance with the specific investor’s requirements.
Jumbo loan requirements can be more stringent than conforming loans. Conforming loans often have lower interest rates than jumbo loans.
There are conforming loan programs for as little as 3% down payment. These features are now available at a higher loan amount.
Contact us and we can see if you can take advantage of this new loan limit.
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