Conforming Loan Limits Remain at 2012 Levels

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Posted To: MND NewsWire

The maximum dollar limits for conforming mortgage loans will remain unchanged for Freddie Mac and Fannie Mae in 2013 . The GSEs' conservator, the Federal Housing Finance Agency (FHFA), announced on Thursday that the baseline limit that will apply to most of the country will be $417,000 for one unit properties. Differing limits, ranging as high as $625,000, will prevail in so-called "high cost" counties but in each instance will remain the same as in 2012. Loan limits are established each year under the terms of the Housing and Economic Recovery Act of 2008 (HERA) and are determined by the median home values in local areas. While some counties saw increases in home prices over the past year, no loan limit increases were evident after other HERA terms such as the statutory ceiling and floor were...(read more)

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Source: www.mortgagenewsdaily.com

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