The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2018 will increase. In most of the country, the 2018 maximum loan limit for one-unit properties (for single-family homes) will be $453,100, an increase from $424,100. In higher-cost areas, higher loan limits will be in effect.
According to William Brown, the president of the National Association of Realtors, “Today’s conforming loan limit increase is a much-needed recognition of rising home prices in high-cost markets, and a help to first-time and lower-income borrowers looking to utilize an FHA mortgage,” Brown said. “Credit remains tight, but this decision will help more qualified buyers address the hurdles and high costs standing between them and the dream of homeownership.”
Questions about this loan increase? Call A and N Mortgage, your Chicago mortgage broker, at 773-305-5626!