The Federal Housing Finance Agency (FHFA) announced this week that it will not be changing the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac. Maximum loan limits for single-unit properties will stay at $417,000. However, in some designated high-cost areas that number could rise to $625,500.
Loans originated before October 2011 are grandfathered in under previous legislation, and the maximum loan limit could be as high as $729,750, FHFA reports.
â€œLast year, President Obama signed a law reinstalling higher conforming loan limits for the Federal Housing Administration through the end of 2013,â€ HousingWire reports. â€œThat particular piece of legislation allowed the FHA to insure loans up to $729,750 in the nation's most expensive neighborhoods.â€
Source: â€œFHFA: No Change to Conforming Loan Limits at Fannie, Freddie,â€ HousingWire (Nov. 29, 2012)