On Tuesday, the Federal Housing Finance Agency announced that the conforming loan limits for Fannie Mae and Freddie Mac will rise to over $510,000 in 2020. This is up from the 2019 level of $484,350.
Data from FHFA shows that home prices increased on average from 2018 to 2019 by 5.38%. Therefore, the conforming loan limits for 2020 will increase by the same percentage.
This change will effect most of the United States, with a few exceptions. To see a map of the 2020 conforming loan limits, click here.
For more information on these changes, click here.