Confirming Loan Limit Raised to $484,350
The Federal Housing Financing Agency announced the "conforming loan limit" will increase to $484,350.00, effective January 1, 2019. While certain high cost areas (NYC and Washington, D.C.) will see an even higher conforming loan limit of $726,525.00, we'll be using the $484,350.00 limit in the Tampa Bay area. Loans exceeding the conforming loan limit are called "jumbo loans" and typically come with higher interest rates. For more information about conforming loan limits, check out this short article from FHFA.