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Greentree Mortgage Co LP
Phone: (609) 605-7153
CO NMLS ID # 16128
NMLS : ID #143589
FHFA Announces 2020 Maximum Conforming Loan Limits
This is good news for borrowers who live in areas where the local median home value is higher than the baseline conforming loan limit, as they are now able to see a higher maximum loan limit.
There were no conforming loan limit increases from 2006 to 2016 and 2017, 2018, and 2019 saw only small increases, so this new conforming loan limit is a boon to borrowers. Many homebuyers can have safe access to affordable mortgages insured with Fannie Mae or Freddie Mac. For homeowners who qualify for a home loan, the mortgages are easier to manage and can help to give borrowers a sense of relief that they can afford to buy a new home without a significant financial struggle.
The new conforming loan limit shows that the United States is trying to deal with and manage the rising cost of housing, and the National Association of Realtors has been advocating to raise the conforming loan limits.
Overall, the conforming loan limits are great news for the economy, and it's a good time to start inquiring about a new home loan.
Source: Federal Finance Housing Agency
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2 Eastwick Drive, Suite 300
Gibbsboro, NJ 08026
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