The Federal Housing Financing Agency (FHFA) announced Tuesday that it would increase loan limits for 2019. This is the third year in a row that the FHFA has authorized new limits, which for home-buyers means the ability to borrow more money under a conventional loan structure with a limited down payment. The new loan limit will be $484,350, rising from $453,100 in 2018, an increase of 6.9%. This means a home-buyer could get a conventional loan up to $484,350 while putting as low as 3% down.
In King and Snohomish counties, the conforming loan limit is significantly higher than the national loan limit, at $726,525, up from $as the area’s property values have increased significantly in the last several years. Buyers wanting to finance a home with a conventional loan have increased flexibility with the new loan limits and minimum down payment structure.
Seattle’s market has recently been cooling off, so it’s a good time to jump in. We can put you in contact with a trusted local lender and help navigate your home purchase. Don’t hesitate to contact us at 206-965-8205 or drop us an email at hello@remaxonmarket.com.
