Conforming Loan Limits Increase for 2020

FHFA's Loan Limits MapThe Federal Housing Finance Commission recently announced an increase in conforming loan limits across the nation. Due to the higher costs of housing in Western Washington our loan limits are higher than much of the US moving from $726,525 in 2019 to $741,750 for a 1-unit home. Buyers of homes in the middle and upper middle range of values in our area will appreciate this increase as it will help make costs more affordable.

For those with a 20% down payment, they will be able to purchase a home up to $1,084,430 without needing to move to a 'Jumbo' mortgage which comes with additional underwriting challenges, higher costs and increases in interest rates of 0.25% to 0.75% depending on the circumstances.

For more information, please visit the FHFA Conforming Loan Limit webpage, or view the interactive map.

Any questions on how this change will effect your plans for 2020? Give us a call or connect with us by email.