Fannie, Freddie loan limits increase for third-straight year

The Federal Housing Finance Agency, which oversees the federally owned mortgage corporations Fannie Mae and Freddie Mac, announced Nov. 27 it will increase its conforming loan limits for the third consecutive year in 2019. After not changing the limits between 2006 and 2016, the FHFA has reversed course from previous policy to keep pace with rising housing costs.

The FHFA’s nationwide conforming loan limit will increase 6.9 percent in 2019, to $484,350. This applies to single-family home loans in all but a handful of U.S. counties, the minority of which are considered “high-cost areas” and subject to higher limits, which would be considered jumbo loans. In most high-cost counties, the FHFA said, the limit for 2019 will increase to $726,525 on average.

The conforming limit for the Boston area — including Suffolk, Essex, Middlesex, Norfolk and Plymouth counties — will rise but remain slightly below than the average high-cost area’s limit. In those Boston metro counties, the limit will be $688,850. Conforming limits will not increase in 2019 in 47 counties where the FHFA did not see significant home price growth over the last year. Fannie and Freddie’s conforming loan limits dictate which single-family home mortgages may be deemed acceptable (or “conforming” to its standards) by

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Article From: "Andrew Morrell"   Read full article

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