FHFA Announces Maximum Conforming Loan Limits for 2019

VA Mortgage Corp is honoring the new increased loan limits effective tomorrow. That’s an increase from $453,100 to $484,350 for regular conventional loans and from $679,650 to $726,525 for conventional high balance loans.  Don’t wait for the New Year to qualify more of your borrowers for conforming loans.

Fannie Mae and Freddie Mac Baseline Limit Will Increase to $484,350

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019. In most of the U.S., the 2019 maximum conforming loan limit for one-unit properties will be $484,350, an increase from $453,100 in 2018.

Baseline limit
The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. Earlier today, FHFA published its third quarter 2018 House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters. According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 6.9 percent, on average, between the third quarters of 2017 and 2018. Therefore, the baseline maximum conforming loan limit in 2019 will increase by the same percentage.

High-cost area limits
For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the maximum loan limit will be higher than the baseline loan limit. HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a “ceiling” on that limit of 150 percent of the baseline loan limit. Median home values generally increased in high-cost areas in 2018, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $726,525 — or 150 percent of $484,350.
Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $726,525 for one-unit properties.
As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2019 in all but 47 counties or county equivalents in the U.S.

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Source:  FHFA 

Moving to a new home is an exciting experience.  It can also be a stressful for both you and any pets you may have.  Below are some ideas to help you and your animals have  stress free move.

Acclimate- If the pet is not used to being in a carrier, begin to introduce the carrier as a regular routine so that when the move comes the transition will not be a drastic one.  Similarly, if a dog not used to car travel, begin taking short trips to introduce the experience.

Safety – Check with your veterinarian if your pet is healthy enough for travel, especially if they have to be shipped by air.  High altitudes can have an impact on pets just as much as humans. 

Paperwork – Make sure to bring all adoption and health certificates with you.  This is especially important with traveling overseas or across state lines.  Many states require one and a patrolmen may have the right to ask for a health certificate.  A ticket could be issued if one is not presented. 

Stops – Should you need to stop at a hotel, take special care to research pet friendly hotel locations.  As new places can bring added stress, keep a close eye on your companion as they may seek out places to hide. 

Perimeter Check – Check the new house for hazards.  Look for holes in the wall, small spaces, open window, and small, loose items.

Tags – Remember to change the tags on your pet to reflect the new address in case they do get out.

Arriving – Integrate the pet into a single room and preferably give them something familiar to pay with.  A blanket, a toy, etc.

Love – Show them extra attention and care through the moving process, as the move can be a hectic time for your animal.   Knowing your presence will help them adjust quicker.