The Federal Housing Finance Agency has announced that it is raising the conforming loan limits for Fannie Mae and Freddie Mac to more than $510,000. In most of the U.S., the 2020 maximum conforming loan limit will rise to $510,400 — a substantial increase from the 2019 level of $484,350.
Next year marks the fourth consecutive year that the FHFA has increased the conforming loan limit after not increasing it from 2006 to 2016. Since beginning the increases in 2017, the FHFA has raised the conforming loan limit by more than $93,000.
The conforming loan limits for Fannie Mae and Freddie Mac are set by the Housing and Economic Recovery Act of 2008. For more information on this latest increase, click here.Tags: Mortgage News