Exciting News for 2025 Homebuyers!
The Federal Housing Finance Agency (FHFA) has officially released the 2025 conforming loan limits, and they’re higher than ever!
The Federal Housing Finance Agency (FHFA) is an independent agency established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the effective supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHLBanks) and the Office of Finance (OF).
🏠 For most areas, the maximum loan amount for single-unit properties will increase to $806,500.
🏡 In high-cost areas, home prices are typically higher; the conforming loan limits for single-unit properties will be up to $1,209,750.
These updated conforming loan limits will take effect for loans funding on or after December 20, 2024, giving homebuyers and lenders time to prepare for this adjustment.
It’s important to note that FHA and VA loans will continue to follow the 2024 conforming loan limits for now. Stay tuned for any updates regarding these programs.
If you’re planning to buy a home in 2025, these new conforming loan limits could expand your options and improve your financing opportunities. Be sure to consult with your lender to understand how these changes might affect your home-buying journey!
Let West Realty guide you in navigating these exciting changes. Your dream home might be closer than you think! 🏡
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