The overall strong real estate market has seen major booms in the last few years. The increase in average prices have led to a change in the conforming loan limit, yet again.
For the year 2020, the maximum loan amount allowed by either Freddie Mac or Fannie Mae for a conventional loan will be $510,400.
For perspective, the maximum conventional loan limits in the year 2018 was and then increased in 2019 to $510,400. The new increase is 12.6% over the 2018 loan limit.
2020 Conforming Loan Limits