MORTGAGE BLOGPOST TAGS
Blog posted On December 03, 2019
Last Tuesday, the Federal Housing Finance Agency (FHFA) announced it is raising the conforming loan limits for Fannie Mae and Freddie Mac again in 2020. This historic move marks the fourth straight year of loan limit increases.
Maximum Loan Amount for 2020
Units |
Contiguous States, District of Columbia, and Puerto Rico |
Alaska, Guam, Hawaii, and the US Virgin Islands |
|---|---|---|
|
1 |
$510,400 |
$ 765,600 |
|
2 |
$635,550 |
$ 980,325 |
|
3 |
$789,950 |
$ 1,184,925 |
|
4 |
$981,700 |
$ 1,472,550 |
Maximum Loan Amount for High-Cost Areas 2020
Units |
Contiguous States and District of Columbia |
|---|---|
|
1 |
$ 765,600 |
|
2 |
$ 980,325 |
|
3 |
$ 1,184,925 |
|
4 |
$ 1,472,550 |
In the past decade, the loan limit has gone up by $93,400, reflecting higher home prices. 2016 marked the first loan limit increase in seven years, and since the limit has gone up each year. Increasing loan limits is a move to make buying a home more affordable.
Even with the recent increase in loan limits, most mortgage professionals do not suggest taking out the maximum loan amount for which you are approved. Don’t stress your credit limit. If you have any questions about the loan limits in your area, please let me know.
Sources: HousingWire
