After being raised for the first time in more than a decade, next year’s conforming loan limit has been lifted by nearly $30,000 — far more than the previous increase of over $7,000.

A year ago, the Federal Housing Finance Agency announced that it increased the maximum conforming limit for one-unit properties by $7,100 to $424,100 for this year.

It was the first increase for loan limits since the Housing and Economic Recovery Act of 2008 established the baseline conforming limit at $417,000.

Source: Mortgage Daily