The Federal Housing Finance Agency (FHFA) announces increased loan limits for 2019, which is good news for affordability in our area! This would apply to “Conventional” mortgage financing products. In the past, FHA & VA loan limits have typically been set at the same loan amounts, so I would expect them to follow suit with the FHFA, but neither of those agencies have made an official announcement yet. When can we start locking Conventional loans with these higher loan limits? It will most likely be the week of December 10th and the loan will have to close after January 1st, but I’ll confirm the dates as I get more information. Please reach out with any questions!
Here was the announcement from Fannie Mae...
Earlier today, the Federal Housing Finance Agency (FHFA) announced the 2019 general and high-cost area loan limits. The maximum loan limits will increase in 2019; details are available in Lender Letter LL-2018-05.
The new base loan limit in most of the country will be $484,350 (increased from $453,100).
This represents a 6.9% increase over the 2018 limit.
The ceiling limit for most high-cost areas will be $726,525 (increased from $679,650….DC Metro is a high-cost area J).