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It's that time of year when annual loan limit changes come out. Once again, Fannie Mae has increased loan limits for regular conventional and high-balance conventional loans. This can greatly benefit those acquiring financing near these limits.....
Regular conventional loan limits are increasing from $453,100 to $484,350 (one-unit homes).
Conventional high balance loan limits will be changing from the 2018 level of $679,650 up to $726,525 (one-unit homes).
Multi-unit homes (duplexes, etc.) have higher loan limits than those listed above for one-unit homes.
FHA hasn’t announced its increases yet, but it usually follows suit right around the New Year.
What Does This Mean For You?
This now fits more loans into the regular and high-balance conventional loan boxes, which means less Jumbo loans.
This is beneficial for those on the edge of loan limits as all conventional loans have more lenient guidelines for qualifying, as well as superior loan terms (lower rates & lower fees).
It may also allow some folks more room to do a cash-out loan and fit within conventional guidelines and terms.
Contact us if you have questions as it pertains to your specific situation…we’re happy to help!