High Balance Conventional Loans
For designated areas where home prices are above national average.
GMFS Mortgage offers mortgages greater than $484,351 with same ease as traditional financing.
The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. The Federal Housing Finance Agency (FHFA) announced November 28, 2018 that maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019 would be increasing due to rising home prices. In most of the U.S., the 2019 maximum conforming loan limit for one-unit properties will be $484,350.
For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit the maximum loan limit will be higher than the baseline loan limit. HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a “ceiling” on that limit of 150 percent of the baseline loan limit. Median home values generally increased in high-cost areas in 2017, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $679,650 — or 150 percent of $484,350.