New Conforming Loan Limits from Southchase Mortgage 11/29/17
The Federal Housing Finance Authority (FHFA) announced yesterday that starting in 2018, Fannie and Freddie will have maximum conforming loan limits of $453,100 for single-unit properties, up from $424,100 in 2017.
Under the Housing and Economic Recovery Act, or HERA, the FHFA must change its loan limits annually based on nationwide home price shifts; because the FHFA’s most recent House Price Index showed a gain of 6.8% between the third quarters of 2016 and 2017, the agency raised the conforming loan limit at the same rate.
FHA and VA are expected to follow suit.
Call now for more information!
Penny Phillips, CRMS, CMHS NMLS 204553
Certified Residential Mortgage Specialist
Certified Military Home specialist
Southchase Mortgage NMLS 193181
2394 Miflin Road, Suite 201A
Foley, AL 36535
Conventional, FHA, USDA, VA, Reverse, Commercial
Purchase or Refinance