2018 Loan Limits Increase
Beginning January 1st, 2018, VA, FHA and Conventional Loan Limits have increased.
-VA and FHA have gone up to $649,750 for a 1 unit property. This is up from the previous limits of $612,950. This is quite an increase and will help Chula Vista homeowners find buyers as we are a military town and VA is a key aspect for many buyers qualifying to purchase a home.
-Conventional Loan amounts have increased to $453,000 for a conforming loan. Conforming loans are backed by Fannie Mae or Freddie Mac and usually have lower rates and lower fees. This is an increase from the $424,100 rate of last year. Nonconforming rates are considered jumbo loans and will have a higher interest rate. Lenders like conforming loans as they can sell them faster on the secondary market which frees up capital for banks to make more loans.