fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017

“Although other counties also experienced home value increases in 2015, after other elements of the HERA formula-such as the statutory ceiling and floor on limits-were accounted for, these local-area limits were left unchanged,” the FHFA said.Īccording to the FHFA, the conforming loan limits will increase in several areas, including several counties in the Denver metro area, several counties in the Boston metro area, several counties in the Nashville metro area, and three counties in the Seattle metro area.Īdditionally, four counties in California will see their conforming loan limits increase.Īccording to the FHFA, the conforming loan limit for Monterey County, California, which includes Salinas, will increase by $26,450, from $502,550 to $529,000. home value in the third quarter of this year remained below its level in the third quarter of 2007.īut in 39 “high-cost” counties, the FHFA said that the conforming loan limit will be increased for 2016.Īlthough the baseline loan limit will be unchanged in most of the country, the FHFA said that 39 specific high-cost counties that saw home values increase over the last year will have their maximum conforming loan limit for 2016 increased. The FHFA said that the $417,000 loan limit will stay the same for 2016 because FHFA has determined that the average U.S. The Federal Housing Finance Agency announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2016.ĭespite some earlier predictions that the loan limits would rise for 2016, the FHFA said that the conforming loan limits will remain unchanged for much of the country.įor most of the country, the Fannie Mae and Freddie Mac loan limit will remain at $417,000 for one-unit properties (or single-family homes) in 2016.Īccording to the FHFA, the Housing and Economic Recovery Act of 2008 established the baseline loan limit at $417,000 and mandated that, after a period of price declines, the baseline loan limit cannot rise again until home prices return to pre-decline levels.

Fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017