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Fannie Mae And Freddie Mac Conventional Loan Limits To Increase In 2020
New Conventional Mortgage Loan Limits for Home Buyers in 2020
Fannie Mae and Freddie Mac announced this week that conventional mortgage loan limits will be increasing for the 4th year in a row in 2020.
Previously, a home buyer wanting to get a conventional mortgage loan had a loan limit of $484,350. With the new guidelines taking effect in 2020, borrowers will now be able to get a conventional mortgage loan for up to $510,400.
So what does this mean?
Borrowers will now have more home purchasing power, while getting the often lower mortgage interest rates and benefits of a conventional loan. For example, under the new loan limits a home buyer with a budget of up to $638,000 and a 20% down payment, would now qualify for the maximum conventional mortgage loan limit of $510,400 in 2020.
For more details about the new loan limits, check out this article from Housing Wire by clicking HERE.
Andrea is the Managing Partner of The Sandy Hartmann Group. Andrea was born and raised in the Tampa Bay area and is a licensed Realtor with over 15 years of Marketing and Finance experience, holding ....
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