Conforming Loan Limit Increase

November 30, 2016 12:00 am

sign of symbolic house, 3d renderAs you may have heard, the Federal Housing Finance Agency (FHFA) made the announcement that 2017 conforming loan limit for mortgages acquired by Fannie Mae and Freddie Mac will be increased nationwide from $417,000 to $424,100.

The new loan limits will be effective on January 1, 2017. This is the first time that the maximum loan limits have been increased since 2006. Loans through the end of the year will need to comply with the 2016 limits, but loans closing in 2017 will be eligible for the new loan limits.

The FHFA has a great map showing conforming loan guidelines across the country, and I am more than happy to talk to you about this or other loan programs. To learn more about how this announcement may help your homebuyer secure the home of their dreams in the New Year, I would love to speak with you.