The conforming amount of a loan limit is the maximum amount the government allows someone to borrow when using a conventional of VA loan. These limits basically have been increased because the home prices have risen.
On January 2, 2019 the limit will increase to 484,350.00 from 453,100.00. For someone with a VA Loan, this means you can borrow up to 484,350.00 without a down payment. The conventional loan is the same amount as a VA loan, only there is a minimum required down payment of 5%. If you need to borrow more than the conforming loan limit, the the loan becomes a jumbo, which is a totally different conversation.
For FHA loans, the conforming loan limit will also increase, depending on the county you live in. But it will be anywhere from 294,000.00 to 386,000.00. Talk with a qualified lender for specifics in your area. I have several qualified lenders that I have worked with over the years, and I would be happy to help you. Just give me a call at 830-743-0464 or email me at email@example.com!