FNMA & FHLMC Limits Increase for 2018
Glenn A. La Mattina
Mortgage License NMLS#: 235860 / NJ Real Estate #: 85804359 / NJ Notary #: 2362625 Health & Life # 3002796699 Fund Specialist / EB-5 Visa Consultant / Business Veteran / Dream Maker / Job Creator
We have some more good news from Fannie and Freddie.
Both have increased their loan limits significantly for 2018, The second year in a row after sitting stagnant for almost 10 years.
This is a clear sign that housing prices have increase across the nation.
The general loan limit for 2018 is up to $453,100 for a single family home which is a big step up from 2017's $424,100.
Even better news is the high cost limit is up as well, just keep in mind that not all areas are eligible for the "high cost" figure. While most of NJ does fit into the high cost area, there are 9 counties that do not. here is a list by county:
The high cost limits were created to provide liquidity in the market during the difficult times we saw in 2007(ish) I affectionately refer to them as baby jumbo loans, previously anything over the Fannie loan limit was considered to be a Jumbo.These changes can make it even more affordable to purchase a home in NJ and even across the country.
While we have not seen any increases by FHA or VA, they are probably going to follow Fannies lead... I will let you know when we have the official word.
Thank you,
Glenn A. La Mattina
Sr. VP. Of National Branch Development
NMLS #: 235860