Next year, borrowers nationwide will be able to take out home loans of more than $500,00 and still enjoy the backing of Fannie Mae and Freddie Mac. So reports MarketWatch.
The Federal Housing Finance Authority has announced that it is raising the maximum conforming loan limit for a fourth straight year in 2020.
In most of America, the limit on single-unit home loans that Freddie and Fannie can buy will rise to $510,400 from $484,350 this year. In high-cost areas the limit will be $765,600.