Phoenix, Arizona conforming loan limits are increasing effective Jan 1, 2019. This means Arizona mortgage seekers for one unit properties in Phoenix may qualify for conforming loan amount up to $484,350. This is an increase from the 2018 conforming loan limit of $453,100 on 1 unit conforming loans.
**Arizona Mortgage Advantage is honoring the new increased loan limits effective 11/28/2018. We can submit, underwrite and close Arizona conforming loans up to $484,350 today with our wholesale mortgage partners. No need to wait until Jan 1, 2019.**
This marks the third straight year the Federal Housing Finance Agency has increased the conforming loan limit.
“As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2019 in all but 47 counties or county equivalents in the U.S.,” the FHFA said.
|FNM & FM Loan Limits||1 Unit||2 Unit||3 Unit||4 Unit|
According to the FHFA, median home values “generally increased” in high-cost areas as well in 2018, which drove an increase maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $726,525, which is 150% of $484,350. 2019 Arizona mortgage loans above $484,350 are considered Jumbo and Non Conforming Mortgages.
The conforming loan limits for Fannie and Freddie are determined by the Housing and Economic Recovery Act of 2008. The FHFA’s third quarter 2018 House Price Index report, which includes estimates for the increase in the average U.S. home value over the last four quarters, showed that home prices increased 6.9%, on average, between the third quarters of 2017 and 2018.
Craig Turley, is a Certified Mortgage Consultant®. The CMC designation is the highest offered by the National Association of Mortgage Professionals and is only available to those who have met strict criteria for a combination of experience, education and leadership in the industry. Craig is a member in good standing with the National Association of Mortgage Professionals and Association of Independent Mortgage Experts (AIME). NMLS 80917, AZ LO 0938970. Craig is a graduate of the University of Arizona with a BA in Business Administration, emphasis Finance. You can catch him trail running or bantering about sports in his free time.