Conventional Loan Limits increasing. (refi, properties, guidelines, contract)

[Pfhtex]

Well, this actually makes sense.

The 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017. The new ceiling loan limit for one-unit properties in most high-cost areas will be $679,650.

Hello, King County, WA!

Here is the FHFA Notification post, with a great interactive county map link: https://www.fhfa.gov/Media/PublicAff...-for-2018.aspx

[Modification Specialist]

Thanks Pfhtex

Yes - heard about this last week.

Have Jumbo refi in Queens NY been chasing...

Now qualifies for lower conforming rates (as of Jan 2018)...

....

[buyerNC]

Are the new 2018 limits based on when the contract was signed or the date of closing? I am building a house in North Carolina, wake county, and signed the contract in November’17 but won’t be closing until June’18. Does this mean that I just have to get under $453k for a conventional loan and not $424k? I am buying $500k and trying to do conventional loan, so it would make my down payment less.

Thanks!

[LoanChic]

It will apply to any loans that close after Jan. 1, 2018. You will fall under the new guidelines.