How will higher loan limits affect this year’s housing market? At the end of 2017, the Federal Housing Finance Agency (FHFA), which has authority over Fannie Mae and Freddie Mac, announced that the maximum conforming loan limits will rise by 6.8%.
This is great news for home buyers and home sellers, alike. The FHFA attributed the change to generally rising home values. As sellers are constantly looking for higher values, prospective home buyers can now qualify for larger loan amounts.
Prospective home buyers can now:
- Gain access to a larger pool of homes
- Stay away from guideline-heavy Jumbo loans
- Increase their purchasing power
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