Home Buying Made Easier in Gresham with Maximum Loan Increases for Freddie and Fannie

Posted by wadmin on Friday, April 19, 2019

Stone Bridge Mortgage Group_Fannie Mae and Freddie Mac New Conforming Loan Limits for 2019

Federal Housing Finance Agency Raises Freddie Mac and Fannie Mae Maximum Loans For Third Consecutive Year

Gresham first time home buyers in need of a larger loan may find themselves in luck if they qualify for Fannie Mae and Freddie Mac loans. After a long period of maintaining the maximum conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac, the FHFA has decided to increase the loan limits. For 2006 to 2016, the FHFA did not opt to increase loan limits. This year, 2019, will make the third year of increasing loan limits for Fannie Mae and Freddie Mac loans.

Gresham Home Prices Are On The Rise

The original conforming loan limits for Fannie Mae and Freddie Mac were determined by the Housing and Economic Recovery Act of 2008. This act established the baseline loan limit at $417,000. Additionally, it was decided that, after a period of price declines, the baseline loan limit would not be allowed to rise again until home prices return to pre-decline levels. So why the change over the past three years?

Home prices across the country, and in Gresham, are on the rise. According to the FHFA’s third quarter 2018 House Price Index report, home prices increased 6.9%, on average, between the third quarters of 2017 and 2018. The maximum conforming loan limit in 2019 is, therefore, rising to match – from $453,100 to $484,350.

Gresham Home Buyers Will Be Able to Keep Up With Increased Home Prices

The increased conforming loan limit on Freddie Mac and Fannie Mae is good news for the Gresham home buyers. Those looking to buy a home in Gresham will more easily be able to keep up with price increases when the maximum loans they qualify are higher.

Looking For Help With Mortgage Services? You Can Rely On Stonebridge Mortgage Group!

For professional assistance with mortgages and related services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage, and offer services for real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Call us today for personal mortgage solutions to your home buying journey.

 

Call us today at 503.661.5580

 

Categories: commercial mortgage, Fanny Mae, FIrst Time Home Buyer, Freddie Mac, Home Buying Trends, home loans, mortgage broker, mortgage loans, Pre-Approval, real estate loans, residential loan services

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