A Record Year for 2019 + Rising Loan Limits in 2020!

With the help of Real Estate One, Max Broock, Reinhart and Johnstone&Johnstone, John Adams Mortgage had a record year in closed volume!  In addition to that, we finished with an astounding 93 NPS!  Thank you, Real Estate One Family of Companies!

We are also moving into 2020 with recent news that Fannie Mae + Freddie Mac loan limits will be increasing to $510,400. This is up from 2019's level of $484,350.

How do loan limits work? The Housing and Economic Recovery of 2008 made the baseline loan limit $417,000 and mandated that it cannot rise again until home prices return to pre-decline levels.

Home prices have increased. Between Q3 of 2018 and Q3 of 2019, home prices increased by an average of 5.38%. Because home prices increased 5.38%, the Federal Housing Finance Agency will increase the loan limit by the same amount.

This is the fourth straight year it's risen. The conforming loan limit didn't increase for 10 years from 2006 to 2016. It has since gone up by $93,400 – rising each year for the past four years.

How does this affect your buyers? 
Reach out to a loan officer today to learn how this can impact the buying power of your clients.