The Federal Housing Finance Agency approved a higher conforming loan limit that will take effect Jan. 1, 2020. The cap on loans purchased or acquired by Fannie Mae and Freddie Mac during 2020 will increase to $510,400, the FHFA said Tuesday. That marks an increase over the $484,350 limit for 2019.
Higher limits are available for properties that contain two, three, or four units. The limits for multiunit properties range from $653,550 to $981,700.