Both Fannie Mae and Freddie Mac announced today that they are raising the loan amount for conventional loans for 2018. This means home buyers can borrow more money without having to take a jumbo loan (with a higher interest rate and tougher approval requirements).
For most of the U.S., the new loan limit is $453,100. For 2017, it is $424,100.
For “high cost areas” the new loan limit is $670,650. (These are areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit. The calculation is 150% of $453,100.)
For a map showing the loan limits by county, click here.
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