Some great news for home buyers, as the loan limits are going up for both Conventional and FHA loans in 2018!
The FHFA (Federal Housing Finance Agency) has increased the 2018 maximum conforming (conventional) loan limits for mortgages acquired by Fannie Mae and Freddie Mac from $424,100 to $453,100
The FHA (Federal Housing Administration) maximum loan will increase from $279,450 to $294,515
The new limits will be effective for loans funded on or after January 1, 2018.
What does this mean for you here in the Phoenix Market? A buyer considering a $450,000 property would previously have needed a Jumbo Loan, but now may be eligible for a conforming loan which generally has lower rates and less restrictive guidelines.