House Hackers:Fannie / Freddie Just Raised Conforming Loan Limits

[Cara Lonsdale]

This is GREAT NEWS, and I wanted to share it with anyone who wasn't aware.  This can really help those of you who are looking to house hack and/or anyone trying to use conventional financing.

The Federal Housing Finance Agency (FHFA) just announced that effective 1/1/2018, conforming loan limits have been increased in MANY states.  

What does this mean to you?  A price is established by the FHFA in every market.  If you purchase something at or below this established price, you are able to get a regular loan.  If you purchase something above this established price, you have to obtain a jumbo loan to purchase.  Jumbo loans are usually more expensive, and have higher interest rates.  

So having the established price increased means that you can borrow more money, while still getting the better rate and terms that a regular conforming loan can provide.

Below is a link that lists all the new loan limits.  It is organized by State and County for easy searching.

Hope this info was useful.  Have a good day BP community!

New FHFA Loan Limits Effective 1/1/2018