The Federal Housing Finance Agency (FHFA) recently announced new and improved 2020 loan limits for Conforming and High balance mortgages.
The maximum Conforming Loan Limit for 2020 for a majority of our country will be $510,400 (for one-Unit properties). This is an increase of 5.38% from $484,350 recorded in 2019.
For some context into what a Conforming Loan Limit is, Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “Conforming Loan Limit.”. It is this limit that will be affected by the change.
As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum Conforming Loan Limit will be higher in 2020 in all but 43 counties or county-equivalents in the U.S. This is the fourth consecutive year that the FHFA has raised Conforming Loan Limits.
The Leeder Group at Inlanta Mortgage is a family run team based in Madison WI. Brothers Dave and Dan have 55+ years combined experience in the mortgage industry and have experience at every level of the business. Dave’s wife Kathy, has years of experience in real estate and customer service. Together they built a group committed to excellence, education and most importantly, to providing the customer with the best service in the industry.
With a wide range of mortgage products and a personalized approach to business, The Leeder Group provides its clients a level of service unmatched by standard banks and larger lenders. Inlanta Mortgage, a top independent lender, is committed to delivering an exceptional customer experience, with an unwavering dedication to integrity, honesty and ethics. Inlanta offers a wide range of mortgage products, including Conventional, FHA, VA, USDA, Jumbo mortgage loans and more.
Dave was recently named “Best Loan Originator in Madison” at the Wisconsin Mortgage Bankers Association’s Best in Business Awards. The leadership, experience, and vast product line at Inlanta Mortgage provides them with the foundation to make that happen.
Happy New Year from the Leeder team!