If you happen to live in a high-cost area, you may be able to qualify for Fannie Mae or Freddie Mac’s 5% down payment program up to their conforming loan limits for high-cost areas. Example: In a high-cost area you can now purchase a home with a price tag of up to $764,760 with only $38,235 (5%) required in down payment proceeds.
These specific amounts are known as "conforming loan limits," and they vary by county as shown in the map above. A mortgage loan for an amount that exceeds this limit is known as a "jumbo" loan. Since 2008, various laws and legislative acts raised the loan limits in certain high-cost areas in the United States.
The Realtors believe a continued government role in housing financing will ensure stability in mortgage markets and enable home buyers in high-cost areas to refinance and obtain financing for new home.
In 2019, the baseline loan limit for most counties across the U.S. will be $484,350, an increase over 2018. More expensive markets, such as New York City and San Francisco, have conforming loan limits as high as $726,525. Anything above these maximum amounts is considered a "jumbo" mortgage.
In 2019, high-cost areas will also see a 6.9 percent hike from $679,650 to $726,525. "Higher conforming loan limits are a reflection of rising real estate prices," says Greg McBride, CFA.
The loan limit established represents all standard MSA areas (Metropolitan Statistical Areas), except those designated as “high-cost” areas. In high-cost areas, the conforming loan limit can be higher.
The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limits that apply to all conventional mortgages delivered to Fannie Mae, including general loan limits and the high-cost area loan limits. high-cost area loan limits vary by geographic location.
2019 loan limits increase to $484,350 for most areas Conforming (Fannie Mae and Freddie Mac) loan limits are up – way up – and it could benefit home buyers and refinancing households in 2019.
Fannie Mae publishes on its website the maximum high-cost area loan limits that may apply by state (or territory); however, specific loan limits are established for each county (or equivalent) and may be lower for each specific high-cost area. Refer to Loan Limits for Conventional Mortgages for additional information, including the loan limits.
Conforming 30 Year Fixed Rate 30-Year Fixed Mortgage Rates On The Rise – Those in the market for a fixed-rate mortgage should be sure to study this chart. It’s not yet common knowledge that 30-yr fixed conforming mortgage rates. at a 6.5% annualized clip for the past.15 Year Fixed Conforming Conventional Loan Program – Conforming Balance Summary . Product Types 30-year Fixed; 15-year Fixed 5/1 ARM 1,3; 7/1 ARM 2,3 For conforming loan amounts, see the State/County limits at .. ***See Page 18 for Freddie Mac Super Conforming Guidelines*** Last Updated: September 15th, 2014