According to the Federal Housing Finance Agency, FHFA, the conforming loan limits will rise from this year’s total of $453,100 to $484,350 for 2019. Loan limits will also be increasing in what the FHFA calls “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 in most high-cost areas will be $726,525, which is 150% of $484,350.
This is great news! Since home prices have been increasing, albeit at a slower pace recently, these higher loan limits will allow your client to borrower more money at conforming mortgage rates. The county in which the house is located will determine the maximum conforming loan limit. For a county-by-county breakdown of the 2019 conforming loan limits, click here. Los Angeles County’s maximum conforming loan limit will be $726,250, for a one-unit property, beginning 2019.
(Full article + image via HousingWire)
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