FHFA Announces New Conforming Loan Limits for 2020

The Federal Housing Finance Agency (FHFA) has announced it will be increasing maximum conforming loan limits in 2020. BASELINE NATIONAL CONFORMING LOAN LIMITS 1-Unit: $510,400 2-Unit: $653,550 3-Unit: $789,950 4-Unit: $981,700 LOAN LIMITS IN HIGH-COST AREAS 1-Unit: $765,600 2-Unit: $980,325 3-Unit: $1,184,925 4-Unit: $1,472,550

What are “Comps”? And what is your agent doing when they say they are “running comps”?

“Comps” is short for Comparable Sales and they are determined through completing a Comprehensive Market Analysis (CMA). Your agent is comparing the “subject property” – the house you want – with comparable homes in order to estimate the probable selling price of a property, typically…