Each year, the Housing and Recovery Act requires that the baseline conforming loan limit be adjusted to reflect the sales price of the previous year.
This year, the conforming loan limit rose to $453,100. The VA and USDA limits also rose to this amount. For our local area, the base FHA loan limit rose to $294,515.
These loan limit increases help programs to stay up-to-date in relation to current sales prices in our market.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.