Loan Limits to Rise in DC Area For 4th Straight Year
✉️ Want to forward this article? Click here.
Shortly before Thanksgiving, the Federal Housing Finance Agency (FHFA) announced that it would increase mortgage loan limits for 2020. This will allow Fannie Mae and Freddie Mac to acquire mortgages of up to $510,400, up from $484,350 in 2019 for a single dwelling unit. This will be the fourth year in a row that the agency will raise limits.
For the immediate DC area, the loan limits will increase from $726,525 for a single dwelling unit to $765,600. The limit for a two-unit building is $980,325, and it is respectively $1,184,925 and $1,472,550 for three- and four-unit buildings.
story continues below
loading...story continues above
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.
See other articles related to: conforming loan limits, loan limits
This article originally published at https://dc.urbanturf.com/articles/blog/loan-limits-to-rise-in-dc-area-for-4th-straight-year/16205.
Most Popular... This Week • Last 30 Days • Ever
In this edition of First-Timer Primer, we look at the ins and outs of the 203k loan.... read »
The largest residential conversion planned in the neighborhood is continuing to move ... read »
Plans for the large new residential project are looking to get started again after mo... read »
The Wall Street Journal is reporting that Jeff Skoll has purchased two homes on nine ... read »
The residential pipeline in Adams Morgan has slowed in recent years, and now there ar... 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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro