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Certainty Home Loans Honors Increased Conforming Loan Limits On Dec 3

The Federal Housing Finance Agency (FHFA) has announced an increase to the conforming loan limit for Fannie Mae and Freddie Mac mortgages in nearly every part of the U.S. for the third straight year, which could make it easier and more affordable for some first-time homebuyers to enter the housing market.

As of 1 January 2019, the conforming loan limits will increase 6.9% from this year’s total of $453,100 to $484,350. However, Certainty Home Loans will begin to honor the increased conforming loan limit on December 3, 2018!

The FHFA’s third quarter 2018 House Price Index report showed that home prices increased 6.9%, on average, between the third quarters of 2017 and 2018, so the maximum conforming loan limit increased this amount for 2019.

In high-cost areas, where 115% of the local median home value exceeds the baseline loan limit, the new ceiling loan limit for one-unit properties will be $726,525, which the Housing and Economic Recovery Act (2008) has established as 150% of the baseline limit of $484,350. Alaska, Hawaii, Guam, and the U.S. Virgin Islands will also receive the baseline loan limit of $726,525 for one-unit properties in 2019.

See the 2019 conforming loan limits for your county >

To learn how the increased conforming home loan limit may help you to finance a home purchase or refinance, contact a Certainty Home Loans mortgage professional.
- Nov 28, 2018



 
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