Higher Loan LimitsNew, higher loan limits in 2019. This means more options for homebuyers in Clark County, Las Vegas, Nevada! The Federal Housing Finance Agency (FHFA) raises the 2019 maximum conforming loan limit for one-unit properties in most areas to $484,350. This reflects a $31,250 increase from the 2018 $453,100 limit. Anything above this loan limit would be considered a Jumbo Loan or a Non-Conforming Loan. The rates go up from there so try and stay below this amount so you can take primo advantage of the lower conforming interest rates. With the median house price for Las Vegas, Nevada nearing $300,000 and sitting in a stable trend, this higher conforming loan limit can help a large amount of people purchase the home of their dreams.
What this means to youWe can begin funding transactions that fall within the increased loan limit as early as 12/10/2018!!!! Rates will be made available for these new loan limits as early as 12/10/2018. This increase is a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit. The new $484,350 limit applies to Clark County, Nevada (Las Vegas) and varies by geographical location. The new ceiling loan limit for one-unit properties in most high-cost areas will be $726,525, which is equal to 150% of the $484,350 limit for other areas. High Cost areas include Alaska, Hawaii, Guam, Puerto Rico and the U.S. Virgin Islands. Some of you may find this loan limit Geocoder Tool helpful if looking up your specific area of interest.
Or give me a call. I’m here to help! Casey Moseman, CMPS 702-271-1274