Great news about mortgage loan limits has emerged in the last few weeks from the GSEs and from the Federal Housing Administration. For much of the country, the 2018 conforming loan limit for Fannie Mae and Freddie Mac mortgages will increase from $424,100 to $453,100 for single-family homes – up 6.8% from 2017.
In high-cost areas, the FHA’s loan limit ceiling will increase to $679,650, up from $636,150 this year. The floor will also increase from $275,665 to $294,515 in 2018.in other counties. However, in 223 counties, the FHA loan limits will remain the same. For a full list, check out FHA’s searchable database here.
This is great news for buyers and for REALTORS®. These higher loan limits will help more people qualify for homes than in years past. For more information, contact me today.