{"id":6832,"date":"2017-11-29T13:49:38","date_gmt":"2017-11-29T18:49:38","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=6832"},"modified":"2021-01-19T22:49:51","modified_gmt":"2021-01-19T22:49:51","slug":"conforming-loan-limits-2018","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/conforming-loan-limits-2018\/","title":{"rendered":"2018 Conforming Loan Limits Increase Helps More Buyers Qualify"},"content":{"rendered":"

It has just been announced that\u00a0conforming loan limits 2018 will increase significantly.\u00a0 The good news is this will help more buyers with affordable financing.\u00a0 Affordable financing\u00a0means great rates and lower down payments, but up to higher loan amounts.\u00a0 Basically,\u00a0the surging\u00a0home prices across the country have allowed the Federal Housing Finance Agency<\/a> (FHFA) to increase loan limits twice in 2 years.\u00a0 Prior to the 2017 loan limit increase, it had been over 10 years since the last increase.\u00a0\u00a0Most experts believe home prices<\/a> are expected\u00a0to climb even more.\u00a0 So, buyers may consider buying sooner rather than later.\u00a0 Conversely, sellers may want to do the opposite.\u00a0 Yet, if a seller waits to sell, then the seller would have to pay more on the new home<\/a>.\u00a0\u00a0Either way,\u00a0rates are still historically low and it is still a great time to buy!<\/p>\r\n

FHFA states “As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2018 in all but 71 counties or county equivalents in the U.S.”\u00a0\u00a0<\/a><\/blockquote><\/p>\r\n

What are Conforming Loans?\"Russell<\/h2>\r\n

Conforming loans, also known as conventional loans, “conform” to Fannie Mae<\/a> or Freddie Mac guidelines.\u00a0 A conforming loan offers as low as 3% down payment<\/a> for primary residence purchases\u00a0all the way to substantial down payments.\u00a0\u00a0These loans are typically used to purchase or refinance a primary, secondary<\/a>, or rental property<\/a>.\u00a0 With the conforming loan limits 2018 increasing, it will allow more buyers in the top loan amount range to have access to\u00a0affordable financing.\u00a0 Jumbo loans are loan amounts which exceed the conforming loan size limits.\u00a0 The primary\u00a0advantage of conforming loans compared to jumbo loans<\/a> is conforming offers a\u00a0lower down payment. Although this article discusses larger size loans, conforming loans are great loans for lower loan sizes as well.\u00a0 As mentioned, there are low down payment loans which even allow the entire down payment to be a gift.\u00a0 Also, Fannie and Freddie Mac<\/a> loans offer benefits such as leniency on student loans<\/a> in Income Based Repayment<\/a>.\u00a0 This flexibility helps buyers qualify easier with lower debt to income ratios.\u00a0 Furthermore, borrowers with higher credit scores<\/a> but lower down payment may save in mortgage insurance<\/a> payments compared to FHA<\/a>.\u00a0 Plus conforming mortgage insurance may\u00a0stop down the road, where FHA mortgage insurance continues for life unless\u00a010% or more down payment.\u00a0\u00a0Check out when PMI stops for all loan types in this popular article<\/a>.\u00a0 There are still plenty of\u00a0other times where FHA<\/a> is the better option.<\/p>\r\n

Conforming Loan Limits 2018\"conforming<\/h2>\r\n

Now, keep in mind that the limits shown in the chart above are the standard loan limits.\u00a0 As shown in the chart, there are high balance levels as well but these could vary based on the county.\u00a0 This increase should help in most areas but it especially helps larger Metropolitan areas.\u00a0 These include Charlotte, Raleigh, Chapel Hill, Wilmington, Myrtle Beach, Charleston, Greensboro, Asheboro, and more. [av_button_big label=’Check out the 2018 Loan Limits for all Counties ‘ description_pos=’below’ link=’manually,https:\/\/www.fhfa.gov\/DataTools\/Downloads\/Documents\/Conforming-Loan-Limits\/FullCountyLoanLimitList2018_HERA-BASED_FINAL_FLAT.PDF’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′] FHFA.gov shows loan limits for all counties [\/av_button_big] VA home loans typically follow the conforming announcement with matching loan amounts.\u00a0 So, expect VA<\/a> to have the same limits.\u00a0 Additionally, the FHA loan limits should be expected to increase with this news of home prices surging.\u00a0 We will provide this information when available. \u00a0<\/p>\r\n

\"Russell\r\n
Your experienced mortgage lender<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n

Realtors can follow on ActiveRain<\/a><\/strong> or Connect on Linkedin<\/a><\/strong> for more news. See why service matters<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"

It has just been announced that\u00a0conforming loan limits 2018 will increase significantly.\u00a0 The good news is this will help more buyers with affordable financing.\u00a0 Affordable financing\u00a0means great rates and lower down payments, but up to higher loan amounts.\u00a0 Basically,\u00a0the surging\u00a0home prices across the country have allowed the Federal Housing Finance Agency (FHFA) to increase loan […]<\/p>\n","protected":false},"author":2,"featured_media":6839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[800,1118,1119,396,1120],"class_list":["post-6832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-frequently-asked-questions","tag-conforming-loan-limits","tag-conforming-loan-limits-2018","tag-loan-limits","tag-va-loan-limits","tag-va-loan-limits-2018"],"acf":[],"yoast_head":"\nConforming Loan Limits 2018 Increase Helps More Buyers Qualify<\/title>\n<meta name=\"description\" content=\"Conforming Loan Limits 2018 increased substantially for 1 - 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