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Increased 2020 Conforming Loan Limits Provides Bigger Buying Power In California

The Federal Housing Finance Agency (FHFA) has announced increases to the conforming loan limit for Fannie Mae and Freddie Mac mortgages in nearly every part of the United States. This represents the fourth straight year of increases. The increased loan limits which may make it easier for both first-time buyers and established homeowners to buy a home in California. Current homeowners can also apply to refinance their home.

As of 1 January 2020, the base conforming loan limit will increase from $484,350 to $510,400 for one-unit properties. However, Private Mortgage Advisors will begin to honor the increased base conforming loan limit from December 4, 2019.

In high-cost areas, where 115% of the local median home value exceeds the baseline loan limit, the new ceiling loan limit for one-unit properties will be $765,600. These higher limits are set for individual counties, including most Bay Area counties, and can be viewed on the 2020 conforming loan limit map. Alaska, Hawaii, Guam, and the U.S. Virgin Islands will also receive the maximum baseline loan limit of $765,600 for one-unit properties in 2020.
 
Number of Units
Maximum Base Conforming Loan Limits for Properties NOT in Alaska, Hawaii, Guam, & U.S. Virgin Islands
Maximum Base Conforming Loan Limits for Properties in Alaska, Hawaii, Guam, & U.S. Virgin Islands
 
2020
2019
2020
2019
1
$510,400
$484,350
$765,600
$726,525
2
$653,550
$620,200
$980,325
$930,300
3
$789,950
$749,650
$1,184,925
$1,124,475
4
$981,700
$931,600
$1,472,550
$1,397,400

Click here to see the 2020 conforming loan limits for your county >

To learn how the increased conforming home loan limit may help you to finance a home purchase or to refinance your home, contact a Private Mortgage Advisors professional. 
- Nov 29, 2019



 
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