The Federal Housing Finance Agency announced yesterday that in the coming year of 2014, maximum loan limits on conforming loans through Fannie Mae/Freddie Mac will remain at $417,000 for single family residences. The loan limits for high cost area will also remain at its current level of $625,000 in accordance with the Housing and Economic Recovery Act of 2008.
The maintenance of current loan limits on Fannie Mae and Freddie Mac loans is welcomed news to the National Association of Realtors. The group has lobbied Congress in the past months, insisting that lowering limits will impede home ownership for those in high cost areas. In a letter distributed through the House, the NAR stated that, “Without high loan limits in these areas, many hard-working, middle-income families will be denied homeownership just because they happen to reside in an area of high home prices.”
There are may be variations contingent on what specific county is in question, and so it is important to review the loan limits for your specific county. You can do so by clicking here.
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