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 a buyer to borrow 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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