Christmas has come early to homeowners and prospective home-buyers in the Portland housing market!
Despite median home prices increasing by only +5.1% over the past twelve months the Federal Housing Finance Agency announced that the conforming loan limits in 2019 will increase by 6.9%.
The maximum conforming loan amount for 2019 will be $484,350 for a one-unit property, up from $453,100.
I still wish they would round the loan amount to an even $484,000 but hey, beggars can’t be choosers.
If you’re curious why this change is significant watch this short video where I explain the difference between a conforming and jumbo mortgage.
Here is a full list of the conforming amounts for 2019:
1-unit: $484,350 (up from $453,100)
2-units: $620,200 (up from $580,150)
3-units: $749,650 (up from $701,250)
4-units: $931,600 (up from $871,450)