The Federal Housing Finance Agency (FHFA) is raising conforming loan limits for 2018. The new conforming loan limit is now $453,100 (up from $424,100). And for those purchasing in more expensive neighborhoods (areas in which 115% of the local median home value exceeds the baseline conforming loan limit), it is $679,650. The limits have also been increased on FHA and VA loans.
Because home pricing is generally rising, FHFA is raising the conforming loan limits. Industry analysts predict that this will allow tens of thousands of homebuyers to now qualify for conforming loans.
What does this mean for you? If you are planning to purchase a home in 2018 with a conforming loan, you will be able to get a higher loan amount from a lender (assuming you are financially qualified to do so). If you have any questions, please contact me.