Great news!  New government policies will make it easier than ever to get a loan!

 

Increases in the maximum conforming loan limits for 2020 have been announced. So how does this benefit you and your family?

 

Higher conforming loan limits will give you more buying power when purchasing a home. Conforming loans are the friendliest loans for borrowers. They typically have lower down payment requirements, lower interest rates and more flexible qualifying criteria compared to non-conforming, or “Jumbo,” mortgages.

 

Why were the loan limits changed?

 

The government adjusts the baseline conforming loan limits each year for Fannie Mae and Freddie Mac. House prices increased, on average, between the third quarters of 2018 and 2019. Therefore, the baseline maximum conforming loan limit in 2020 will increase by the same percentage.The New Jumbo minimum will be $1 above the standard loan limit. 

 

Click on this link county limits, to determine your county's limit.