Home Mortgage Blog
FHFA Announces an Increase in Loan Limits For 2018
On Tuesday, The Federal Housing Finance Agency (FHFA) announced an increase in maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018.
The FHFA stated that loan limits will be raised to reflect the change in U.S. home prices. The press release distributed by the agency states:
“According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017. Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage.” – Federal Housing Finance Agency
This is the second straight year that limits have increased. Throughout most of the United States, the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017. Designated High-Cost areas will also see a loan limit increase.
To learn more about loan limits in your area and what they mean for you, contact a Marketplace Home Mortgage Loan Officer today.
To read the full press release visit: http://bit.ly/LoanLimits2018