The Federal Housing Finance Agency (FHFA) recently announced that the maximum loan limits on Fannie Mae, Freddie Mac, and FHA mortgages are increasing in 2018. Starting this month the loan limits on Fannie and Freddie loans increased to $453,100 for single family homes in every county in America, and in counties designated as “high cost” the loan limit is $679,650. This increase helps adjust for inflation and the rising costs of homes throughout the country. See the Fannie Mae announcement here.
The FHA also announced an increase in loan limits across the country. Whereas the previous loan limit in non “higher cost” counties was close to $271,000 before, the new limit in those counties is $294,515. And in many counties the loan limits are higher based on cost of living. See here to check current FHA and Fannie/Freddie loan limits by county.
This all means it will be easier to get government-backed loans in counties where housing prices have risen. Contact us to learn more about qualifying.