Great News! On November 28, 2017, federal housing officials announced that the 2018 maximum conforming loan limit for one-unit (single family home) properties would increase from $424,100 to $453,100.
In 2017 the loan limit for a single family residence was $424,100… over that it was considered a jumbo loan. We are now at $453,100! Hopefully FHA will increase their limits too but so far no word on that.
Units Loan Limit
Keep in mind a few things
- Fannie and Freddie have 3% down programs… Freddie has income limits but there is a Fannie program with no income limits if you are a 1st time buyer.. That would mean they could buy a $467,100 home with only 3% down
- VA follows the Fannie Limits so a buyer could buy a 0 down home up to $453,100
- VA will allow loan amounts over the limit… the buyer just needs to put a down payment of 25% of the amount over the Fannie limit.
- Jumbo guidelines are a bit more strict so buyers can buy a higher priced home now without going into the Jumbo market