The Federal Housing Finance Agency (FHFA) announced conforming loan limits for Fannie Mae and Freddie Mac for 2020.
What Are Conforming Loans?
Conforming loans are mortgages that are equal to or less than the dollar amount established by the conforming loan limit set by the Federal Housing Finance Agency (FHFA) and meet the funding criteria of Freddie Mac and Fannie Mae. Conforming loans are advantageous due to the low-interest rates affixed to them (for borrowers with excellent credit).
2020 Conforming Loans Limits
| Units | Contiguous States, District of Columbia, and Puerto Rico | Alaska, Guam, Hawaii, and the U.S. Virgin Islands |
|---|---|---|
| 1 | $510,400 | $765,600 |
| 2 | $653,550 | $980,325 |
| 3 | $789,950 | $1,184,925 |
| 4 | $981,700 | $1,472,550 |
2020 Conforming Loans Limits for High-Cost Areas
| Units | Contiguous States, District of Columbia | Alaska, Guam, Hawaii, Puerto Rico, and the U.S. Virgin Islands |
|---|---|---|
| 1 | $765,600 | Not Applicable |
| 2 | $980,325 | Not Applicable |
| 3 | $1,184,925 | Not Applicable |
| 4 | $1,472,550 | Not Applicable |