Increase in Maximum Conforming Loan Limits in 2017

Posted by:  Service First
2016-12-02 10:26:32

The Federal Housing Finance Agency (FHFA) recently announced an increase in the maximum conforming loan limits in 2017 for Freddie Mac and Fannie Mae mortgages.

In most of the country, the 2017 maximum loan limit for one-unit properties will be $424,100, an increase from $417,000.

In areas where 115 percent of the local median home value exceeds the baseline loan limit, the maximum area loan limit will be higher. The new ceiling loan limit, which applies in areas with the most expensive homes, will be $636,150 for one-unit properties in the contiguous U.S.

As a result of generally rising home values, the increase in baseline loan limit, and the rise in the ceiling loan limit, the maximum loan limit rose in all but 87 counties (or county equivalents) in the country.

For a list of the 2017 maximum conforming loan limits for all counties and county-equivalent areas in the country, click here.

To view the news release from the FHFA, click here.

Categories:   industry news

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