What do increased 2019 loan limits mean for home buyers?
Potential home buyers looking to secure a conforming, FHA, or VA loan will see increased loan limits available in 2019. With home prices on the rise, higher loan limits can encourage growth in active real estate markets and create more opportunities for potential buyers in high-cost markets.
Conforming Loan Limits
- 2019 conforming loan limits established by the Federal Housing Finance Agency (FHFA) for mortgages acquired by Freddie Mac and Fannie Mae will increase in 2019 to $484,350. In higher cost areas, the loan limit can be as high as $726,525.
- Click here to view the FHFA’s 2019 conforming loan limits for your location.
FHA Loan Limits
- FHA 2019 loan limits will increase in more than 3,000 counties. The low-cost area limit will increase to $314,827 and the high-cost area limit will increase to $726,525.
- Click here to find the 2019 FHA loan limits that apply to your location.
VA Loan Limits
- VA 2019 loan limits will be the same as the conforming loan limits set for Fannie Mae and Freddie Mac by the FHFA.
- The published FHFA loan limits reflect the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. VA does not set a cap on how much an eligible person can borrow; however, they do limit the amount of liability they will assume, and this impacts the amount of money an eligible Veteran can borrow.
- Click here to view the FHFA’s limits for your location.
With 2019 just around the corner, it may be a good time to get in touch with a loan expert at Cherry Creek Mortgage. Contact us today for more information.