Conforming Loan Limits Increase for 2019
Great news announced this week, especially for first-time home buyers in high-cost areas like New Jersey.
The single-family Conventional loan limit will increase from $453,100 to $484,350, and the high-balance limit to $726,525! That essentially means a New Jersey first-time buyer can purchase a home up to about $500,000 with only 3% down, and a $765,000 home with only 5% down… and still take advantage of low conforming interest rates!
The new limits are effective as of January 1, 2019. The Federal Housing Administration (FHA) and the VA are expected to adopt the same loan limits for 2019…more good news for home buyers!
Note that the new higher loan limit is also available for move-up buyers as well with 5% down