FHFA Loan Limits Increase for 2018
Late last year, the Federal Housing Finance Agency (FHFA) released their House Price Index for the third quarter of 2017. The report revealed that house prices has risen 1.4 percent in the third quarter, and 6.5 percent from the third quarter of 2016. This has prompted the FHFA to increase their loan limits accordingly. This also means FHA loans, conforming Fannie Mae and Freddie Mac loans, and VA loans will have increased maximum limits for the coming year.
FHFA loans are based on the county where a home is located and the average price of houses in that area. Across the country, Fannie Mae and Freddie Mac loan limits will increase from $424,100 to $453,100. FHA loan limits will see an increase that ranges from $294,515 in low-cost areas, and up to $679,650 in high-cost areas.
Colorado housing prices increased 8.52 percent in the same time period last year, and parts of Colorado are designated as 'high cost areas.' This means their loan limits are above average. Any house considered by the U.S. Department of Housing and Urban Development to be in the Denver-Aurora-Lakewood area will see their loan limit increase to $529,000 on both conforming loans and FHA loans. Boulder, where the median home price is also greater, will see a loan limit increase to $578,450 for both conforming loans and FHA loans. Certain mountain communities will see loan limits that are higher than the rest of the state, with some as high as $679,650. This gives you more buying power when you pay the 3 percent down payment.
For the FHFA news release with more information, click here.
For an interactive Conforming Loans Limit Map of the country, click here.
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