On Tuesday, the Federal Housing Finance Agency (FHFA) announced that it would again raise mortgage loan limits for 2019, allowing Fannie Mae and Freddie Mac to acquire mortgages of up to $484,350. The 2018 limit was $453,100 for a single dwelling unit. This will be the third year in a row that the agency will raise limits.
The increase is based on FHFA's Home Price Index, which calculated an average home price increase of 6.9 percent from the third quarter of 2017 to the third quarter of 2018.
For the immediate DC area, as in most other "high-cost" areas, the loan limits increased to $726,525 for a single dwelling unit, 150 percent higher than the nationwide maximum. The limit for a two-unit building is $930,300, and it is respectively $1,124,475 and $1,397,400 for three- and four-unit buildings.
While Government Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac guarantee a great deal of mortgages nationwide, often at lower costs and with more favorable lending terms, they are legally bound to only accept loans of a certain amount. The increased loan limits make GSE loan underwriting more accessible to a larger pool of homebuyers.
This article originally published at https://dc.urbanturf.com/articles/blog/fha-loan-limits-to-rise-again-for-third-consecutive-year/14742.
Most Popular... This Week • Last 30 Days • Ever
Neighborhood Development Company has filed plans with DC's Historic Preservation Offi... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
One of the more prominent features of the project will be a public plaza that will ru... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
As home buyers get the itch to look for a home and start to venture out to open house... read »
The development will replace the 44,700 square-foot retail structure that was previou... read »
The concept includes 14 lanes for bowling, a 1,200 person concert venue, a craft bar ... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro