I wanted to bring you a quick update that we received this morning on Conventional (Fannie/Freddie) loan amounts in our area. For the first time in many years, the conforming loan amount is increasing for 2015.
For our local counties, the max loan amount will move from $417,000 to $424,350.
FHA has also announced that they will be increasing the maximum loan amount in 2015. In 2014 the maximum FHA loan amount in our area was $391,000 for a 1 unit property. For 2015, the new max loan amount will be $424,350, matching Conventional loans.
Please call me with any questions at all!