Home | Newsletter | Advertise
loading...

Loan Limits to Rise in DC Area For 4th Straight Year

  • December 3rd 2019

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

Shortly before Thanksgiving, the Federal Housing Finance Agency (FHFA) announced that it would increase mortgage loan limits for 2020. This will allow Fannie Mae and Freddie Mac to acquire mortgages of up to $510,400, up from $484,350 in 2019 for a single dwelling unit. This will be the fourth year in a row that the agency will raise limits. 

For the immediate DC area, the loan limits will increase from $726,525 for a single dwelling unit to $765,600. The limit for a two-unit building is $980,325, and it is respectively $1,184,925 and $1,472,550 for three- and four-unit buildings.

While Government Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac guarantee a great deal of mortgages nationwide, often at lower costs and with more favorable lending terms, they are legally bound to only accept loans of a certain amount. The increased loan limits make GSE loan underwriting more accessible to a larger pool of homebuyers.

See other articles related to: conforming loan limits, loan limits

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/loan-limits-to-rise-in-dc-area-for-4th-straight-year/16205.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse