Loan limits for Fannie Mae and Freddie Mac increase to $510,400 in 2020, an increase from $484,350 in 2019!
There has been an update provided by The Federal Housing Finance Agency. The agency has announced the Fannie Mae and Freddie Mac conforming loan limits for mortgages for 2020.
Each year, the baseline conforming loan limit is adjusted accordingly with the change in the average U.S. home price. House prices during the third quarters of 2018 and 2019 have increased by 5.38 percent on average, therefore, The Federal Housing Finance Agency is increasing 2020’s maximum limit by the same percentage.
It will be higher than the $510,400 baseline limit in certain areas where median home values were higher.
There are different calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. The baseline limit in these areas will be $765,600.
Click here for a map of 2020 loan limits by area!
If you are interested in learning more, contact one of our loan officers for information today!
