FHFA: Loan Limits Mostly the Same for 2016

December 1, 2015 | Comments Off on FHFA: Loan Limits Mostly the Same for 2016

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The Federal Housing Finance Agency announced that maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac will remain unchanged in 2016 for most of the country. Fannie and Freddie loan limits will remain at $417,000 for single-family homes in 2016, however, in 39 counties deemed “high cost,” the FHFA says that the conforming loan limits will rise next year.

The conforming loan limits will rise in counties in the Denver metro area, Boston metro, several in Nashville, and three counties in the Seattle metro area.

Some of the largest conforming loan limit increases for 2016 will occur in Sonoma County, Calif., where the loan limit will rise by $33,350 – from $520,950 to $554,300. Also, several Denver-area counties will see sizable increases by up to $34,500 for next year – with loan limits rising from $424,350 to $458,850. Monterey County, Calif., which will rise by $26,450 – from $502,550 to $529,000. Also, in San Diego County, loan limits will rise $18,400 from $562,350 to $580,750.

However, FHFA says most cities will not see the change in loan limits because the agency determined that the average U.S. home value in the third quarter of this year remained below its level in the third quarter of 2007.

Source: “FHFA Announces 2016 Conforming Loan Limits,” HousingWire (Nov. 25, 2015)


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