WASHINGTON (11/30/12)--The Federal Housing Finance Agency (FHFA) Thursday announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels.
What that means, the agency said, is that in most of the country the loan limit will be $417,000 for one-unit properties. The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA) and are calculated annually.
HERA requires the loan limits to be set as a function of median home values in local areas: 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.
The maximum conforming loan limits for one-unit properties, which generally have applied to loans originated since Oct. 1, 2011, are $417,000 in most locations, but are as high as $625,500 in certain high-cost areas in the contiguous United States.
For loans originated prior to October 2011, the maximum loan limit was as high as $729,750 in the contiguous United States. That higher "ceiling" limit was permitted under legislation that is not applicable to loans originated in 2013, FHFA noted in a release.
Use the link for a list of the 2013 maximum conforming loan limits for all counties and county-equivalent areas in the country.