NEW CONFORMING LOAN LIMITS
In response to rising home prices, the Federal Housing Finance Agency announced that it is increasing the conforming loan limits for Fannie and Freddie mortgages in 2019. Estimates showed that home prices increased 6.9% on average between the third quarters of 2017 and 2018. The conforming loan limit for one-unit single-family mortgage amounts will rise from this year’s total of $453,100 to $484,350 for 2019. Limits for multi-unit mortgages will also be increased.
MMS will accept conventional registrations and rate locks up to the 2019 limits with an expiration date after January 1. Any loan amounts higher than the 2018 limits, but within the 2019 limits may be delivered to MMS for purchase after January 1, 2019.