2019 Loan Limits Increase

They’ve done it again! For the 3rd straight year the Federal Housing Finance Agency has increased the conforming loan limits. Starting in January of 2019, buyers utilizing conventional financing can borrow up to $484,350 as opposed to $453,100 in 2018. The Housing and Economic Recovery Act (HERA) requires conforming loan limits be assessed and adjusted each year to reflect the change in the average U.S home price. According to the FHFA 2018 House Price Index (HPI), home prices have increased 6.9%, on average, between the third quarters of 2017 and 2018. Therefore, the maximum conforming loan limit increased by the same percentage.

If you’re thinking of making an upward move, or a move in general, right now is the ideal time. While interest rates have steadily increased in 2018, they’re still reasonably low compared to historical rates. Additionally, we’ve seen an increase in homes on the market as well as new construction homes being built. Higher loan limits paired with low interest rates and more home options to choose from make this a great time to buy a new home.

If you’re ready to make your next move, lets chat!

Macy Williams

DFW REALTOR

281-543-3032