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Good News! Fannie and Freddie raise loan limits

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StartingOver10
Moderator Emerita

Good News! Fannie and Freddie raise loan limits

It isn't by very much, but they are higher for 2017 than 2016.  See this link for details: https://www.fanniemae.com/singlefamily/loan-limits#

 

Here is the Fannie Mae letter to reference too https://www.fanniemae.com/content/announcement/ll1605.pdf

 

General Loan Limits for 2017
The general loan limits for 2017 have increased and apply to loans delivered to Fannie Mae in 2017 (even if originated prior to 1/1/2017). This is the first time the base loan limits have increased since 2006. Refer to Lender Letter LL-2016-05 for specific requirements.

Maximum Original Principal Balance for 2017

Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1$424,100$636,150
2$543,000$814,500
3$656,350$984,525
4$815,650$1,223,475

Maximum Loan Limits for High-Cost Areas for Mortgages Acquired in Calendar Year 2017

All but 87 counties (or county equivalents) will see a loan limit increase.

Units Contiguous States, District of Columbia+ Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1$636,150$954,225
2$814,500$1,221,750
3$984,525$1,476,775
4$1,223,475$1,835,200
Message 1 of 4
3 REPLIES 3
ShanetheMortgageMan
Super Contributor

Re: Good News! Fannie and Freddie raise loan limits

Here is a cool color-coded map that shows which counties are at & above the $424,100 conforming loan limit.

 

http://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx

 

 

 

Also to note, the FHA loan limits have increased a little bit for 2017.  The low cost area loan limit for a 1-unit property was previously $271,050 and has now increased to $275,665.

 

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/lender/origination/mortgage_lim... has the full details.


A reminder that https://entp.hud.gov/idapp/html/hicostlook.cfm is the official website to look up FHA loan limits (also can search for conforming loan limits, for conventional financing, as well).

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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Message 2 of 4
Calidreaming
Regular Contributor

Re: Good News! Fannie and Freddie raise loan limits


Awesome news!!!! Now that the FHA limits have increased for high cost areas, this loan is now an option for us again.  Smiley Happy  They increased it juuuuuust enough for us to get the house we have our eye on.

 

It still looks like Navy Federal will be the best bet for us though, even though the interest rate would be significantly higher.  Our total mortgage payments would be virtually the same whether we go FHA or Navy Federal.  However, we'd be able to deduct more interest if we go Navy Federal whereas the FHA MIP is not deductible.   Still it's nice to have options instead of having to put all eggs in one basket.

Message 3 of 4
Anonymous
Not applicable

Re: Good News! Fannie and Freddie raise loan limits

I know I'm late to the party, but I wanted to give a "woo hoo!"

Message 4 of 4
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