Some good news for those looking to purchase a home in 2020!!!
The Federal Housing Finance Agency has announced that the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac will rise in 2020.
Old conforming loan limit – $484,350 New conforming loan limit – $510,400
In high cost areas such as Washington, DC & many surrounding counties in Maryland & Virginia, the conforming jumbo limit will rise as well
Old conforming jumbo loan limit – $726,525 New conforming jumbo loan limit –$765,600.
This means you could purchase a home using Conventional financing up to a sales price of $805,000 with ONLY 5% DOWN.
Some areas will see no increase in the loan limit. The official list of of the loan limits per area/county can be found HERE.
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