Fannie Mae & Freddie Mac issued a press release earlier today announcing changes to the conforming loan limits for 2018. There is good news and bad news for the Portland, OR real estate market. The bad news is that Multnomah, Clackamas, and Washington Counties are still not identified as “High Cost” areas which affords an even higher loan amount than the national standards.
However, the great news is that the loan limits for a conventional-conforming 1-unit home is increasing from $424,100 (2017 limit) to $453,100! Here is the chart which also shows the limits for two, three, and four unit homes.
This change applies to loans which comply with Fannie Mae & Freddie Mac guidelines and does not apply to FHA, USDA, VA or other non-conforming loans (those programs will also likely update their loan limits).