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The Federal Housing Finance Agency (FHFA) announced this week that it will raise the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2018 to $453,100 on one-unit properties and a cap of $679,650 in high-cost areas. The previous loan limits were $424,100 and $636,150, respectively. This is the second straight year and the second time that the FHFA has raised the conforming loan limits since 2006.

The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than conforming loans, increasing monthly payments and negatively impacting affordability for families to purchase homes.

The FHFA decided to raise the conforming loan limits due to rising home values. In most of the country, the 2018 maximum loan limit for one-unit properties will be $453,100. In high-cost areas like Santa Clara and San Mateo counties and most counties in the Bay Area, the cap will be $679,650. Maximum loan limits for 2018 are up in all but 71 counties or county equivalents in the U.S., according to the FHFA. For a list of the 2018 maximum loan limits for all counties and county-equivalent areas in the U.S. click here.

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2017 Los Gatos/Saratoga District Chair Mary Kay Groth passes the gavel on to 2018 District Chair Ryan Nunnally.a caption

 

Ryan Nunnally, a REALTOR® with Keller Williams Bay Area Estates, was installed on Wednesday night as 2018 chair of SILVAR’s Los Gatos-Saratoga District. More than 90 SILVAR members and guests attended the District’s annual Holiday Reception and Installation held at La Rinconada Golf & Country Club in Los Gatos. The evening also gave members an opportunity to celebrate the year’s achievements and welcome the holiday season.

2017 District Chair Mary Kay Groth welcomed everyone and before relinquishing the position, mentioned she was very grateful for the opportunity to have served the District and glad she had stepped up and got involved in organized real estate. Groth urged SILVAR members to get involved and heed the Calls for Action from the National Association of REALTORS® (NAR) and California Association of REALTORS® (C.A.R.).

“It’s good we stay involved as REALTORS®. Please answer the Call for Actions because it is important to our business,” said Groth.

Noting getting involved in organized real estate, while it has many rewards, is also a time commitment, Groth thanked the members of this year’s District Council for helping her with the tour meetings and events this year. They include Alan Barbic, Shawn Carroll, Pelin Erdal, Eileen Giorgi, Audrey Hutton, Nunnally, David Tonna and Suzanne Yost.

Then, in keeping with the District’s tradition, past District chairs who were present were asked to come forward and pass the gavel on to the incoming District chair. The gavel was passed from Marlene Rodman to Jeff Barnett, Dennis Byron, David Tonna, Mark Von Kaenel, Karen Trolan, Alan Barbic, Suzanne Yost, and on to Groth, who then handed it to Nunnally.

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