By Aaron Terrazas | Zillow
Nationwide, the 2018 conforming loan limit for most counties increased by $29,000 (6.8 percent), to $453,100.
Tens of thousands of homes in some of the nation’s priciest housing markets – including New York, L.A., Miami and Seattle – will no longer require a jumbo purchase mortgage next year, likely saving their potential buyers thousands of dollars.
The Federal Housing Finance Agency (FHFA) recently bumped 2018 conforming loan limits – the maximum loan amount that federally backed mortgage insurers Fannie Mae and Freddie Mac will guarantee. Loans above these limits – known as jumbo mortgages – must be insured by private mortgage insurers, and typically cost more.
