FHFA Increases Conforming Loan Limits
Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac for 2019 will increase.
“Loans eligible to be purchased by Fannie and Freddie generally have lower interest rates and are easier to qualify for than non-quality so-called ‘jumbo’ loans,” said Congressman Brad Sherman (D-Sherman Oaks).
In high-cost areas, including Los Angeles County, the conforming loan limits for one-unit properties will be $726,525 – this is an increase from $679,650 in 2018. In most of the country, which are not classified as high-cost, the 2019 maximum loan limit for one-unit properties will be $484,350 – an increase from $453,100.
“Valley homes are far more expensive than the national average. That’s why its so important for Valley homebuyers to get federally assisted mortgages of up to $726,525,” said Sherman. “In Omaha, $726,525 buys a mansion – but in the Valley it buys, at best, a middle-class home.”
Sherman continued, “In Congress, I have continued my work to support home values, which forms a critical component of our economy in the San Fernando Valley,” said Congressman Brad Sherman (D-Sherman Oaks). “Higher FHFA conforming loan limits are crucial to supporting housing prices and overall economic recovery.”
Sherman is well-situated to address such concerns, serving as a senior member of the House Committee on Financial Services. The committee has jurisdiction over housing policy, mortgage finance, real estate sales transactions, and other real estate issues.
For a county-by-county breakdown of the 2019 conforming loan limits, click here.