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Conforming Mortgage Loan Limits Increased for 2019
The Federal Housing Finance Agency (FHFA) has announced the maximum conforming mortgage loan limits for any mortgages backed and secured by Fannie Mae (FNMA) and Freddie Mac (FHMC). For most of the United States, the conforming mortgage loan limit will be $484,350. This is an increase from the $453,100 limit of 2018. Some high cost areas will see conforming mortgage loan limits of $756,525, but those are fairly limited.
This is great news for home-buyers. As the median price point for housing increases, many buyers are pushed into the jumbo mortgage market. Jumbo mortgages typically come with higher credit score requirements, larger down-payments, and more restrictive qualifying guidelines than their conforming counterparts. This mortgage loan limit also applies to Veteran’s Administration (VA) 100% financing mortgages.
FHA Mortgage Loan Limits Increased in 2019
The Federal Housing Administration has also increased their loan limit for most counties in Georgia, Florida, and the rest of the country. A 1-Unit property is now eligible for a loan amount of $314,827, while multi-unit properties can go as high as $605,525. To check your specific county, visit FHA’s Mortgage Limit site, or call me today at 912-771-2115 for a complimentary analysis of your situation and financial needs.