It's simple to borrow more for your DC home purchase, decrease your downpayment and keep your interest rate low all at the same time! Simply take advantage of the 2019 Conforming Loan Limit increase taking effect January 1, 2019.
Shop during December and contract on a property, then close after January 1st.
For the third year in a row, FHFA has hiked conforming loan limits. That reduces the amount of downpayment DC home buyers have to bring to the table, and likely keeps interest rates lower for many who purchase under Jumbo (non-conforming) limits. In the high-priced DC real estate market, and with rising mortgage interest rates, that's great news.
• For one-unit properties located in areas that are not designated as high-cost, the 2019 maximum loan limit is increasing from $453,100 to $484,350.,an increase of 6.9% from 2018 to 2019.
• For one-unit properties located in areas in which 115% of the local median home value exceeds the baseline conforming loan limit, (high-cost areas such as DC), the 2019 maximum loan limit will be $726,525 – or 150% of 484,350.