A “conforming mortgage” is a home loan with a loan amount up to $484,350, which also fits underwriting guidelines set forth by Fannie Mae and Freddie Mac.
The maximum conforming loan amount that these programs can back will increase to $453,100 for the year of 2019 (up from $484,350 in 2018) the Federal Housing Finance Agency announced on November 27th.
For high-cost areas, the limits will rise to $726,525 from $679,650 during the same period.
You can easily determine your area’s limit by following this link: https://bit.ly/2C665VU
NAR President John Smaby issued a statement applauding the government’s announcement: “Without this assurance that loan limits keep up with home price growth, borrowers across the country risk being pushed out of the market altogether as mortgage rates and rising home prices continue to hold back potential homebuyers.”
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