2020 Loan Limits Are Going UP
The Federal Housing Financing Agency (FHFA) has increased the loan limits for 2020:
Conforming loan limits will be: $510,400
High Balance loan limits will be: $765,500
This represents an increase of $26,050 and $38,975 respectively.
What does this mean!? Fannie Mae and Freddie Mac conforming loans are the most commonly utilized in the mortgage industry. With low down payment options and flexible qualifying guidelines, you can now afford more home with the same mortgage. For example, you can purchase an $805,789 home with 5% down!
This is good news for homebuyers! Although the loan limits take effect in 2020, we will start locking loans as of today (11/27/2019) at these loan limits!