The 2020 maximum conforming loan limit will be raised to $510,400, up from $484,350, set in 2019.

The conforming loan limits for Fannie Mae and Freddie Mac are determined by the Housing and Economic Recovery Act of 2008, which established the baseline loan limit at $417,000 and mandated that, after a period of price declines, the baseline loan limit cannot rise again until home prices return to pre-decline levels.

Rising home values spurred the Federal Housing Finance Agency (FHFA) to increase conforming loan limits in most of the country.

Conforming loans are mortgages backed by Fannie Mae and Freddie Mac, which make up the vast majority of the home loans issued in the U.S.

With new loan limits this year, you can get even MORE home without paying Jumbo loan rates. Call today to discuss your options.