Fannie, Freddie Loan Limits Unchanged in 2013
The maximum conforming loan limits for mortgages Fannie Mae and Freddie Mac purchase in 2013 will remain at current levels, the Federal Housing Finance Agency said last week. That means the loan limit in most areas will be $417,000 for one-unit properties. In high-cost areas, such as Los Angeles and Washington, D.C., the maximum will remain at $625,500, the FHFA said.
Agency officials explained in a press release that the loan limits are established under the terms of the 2008 Housing and Economic Recovery Act and are calculated each year.
“The law sets loan limits as a function of median home values in local areas,” the FHFA said. “While some counties saw increases in home prices in 2012, no loan-limit increases were evident after other HERA terms such as the statutory ceiling and floor were taken into account.
--ABA Daily Newsbytes
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