On November 28, 2017, the Federal Housing Finance Agency (FHFA) announced that it would raise the baseline conforming loan limit for 2018 for New York and for most counties across the country. And the Federal Housing Administration also announced in early December that nearly every area of the U.S. will see FHA loan limits increase in 2018. This is in response to significant housing price gains during 2017.
In New York City, the new limit for a single-family home loan can now be as high as $679,650. Anything above these caps is considered a jumbo mortgage.
What Is a Conforming Loan?
A conforming home loan is one that meets, or “conforms” to, certain guidelines set forth by Freddie Mac and Fannie Mae. These loans are meant to assist homebuyers seeking modest homes in any county across the U.S.
Because they are not meant to assist homebuyers with a luxury property purchase, FHA loans have loan limits based on the county’s median home price and other economic factors.
Here are the new loan limits:
New 2018 Conforming (LMS 81 & LMS 06) Loan Limits
1 Unit = $453,100
2 Units = $580,150
3 Units = $701,250
4 Units = $871,450
Condo = $453,100
Coop = $453,100
New 2018 High Balance (LMX) Loan Limits
1 Unit = $679,650
2 Units = $870,225
3 Units = $1,051,875
4 Units = $1,307,175
Condo = $679,650
Coop = $679,650
Ask a Lyons Mortgage Expert
If you’re interested in finding out what home loan options are available for you, a Lyons Loan Expert is available for a personal consultation. http://www.elyons.com/concierge/
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