This is great news for the real estate industry! It makes the more simplified standards in lending allow for a higher mortgage amount as FHFA raise the 2018 Conventional Loan Limits.
According to the to Federal Housing Finance Agency – Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum 2018 conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017.
- 1 Unit Home up to $453,100
- 2 Unit Homes up to $580,150
- 3 Unit Homes up to $701,250
- 4 Unit Homes up to $871,450
- 5 Unit Homes and Above are Commercial Loans – Anthony Does these loans too!
- You can use a conventional loan to buy a primary home, second home or vacation home, or a rental property.
- Conventional Loans offer great loan terms
- Down Payments as low as 3%
- Lower Private Mortgage insurance