FHFA increases loan limits for first time since 2006

The Federal Housing Finance Agency recently announced that it is increasing the loan limit from $417,000 to $424,100 for single-family homes in 2017. For the last 10 years across most of the country, the Fannie Mae and Freddie Mac loan limit remained at $417,000 for single-family homes. This baseline loan limit was determined by the 2008 Housing and Economic Recovery Act and couldn’t be increased until home prices returned to pre-decline levels. Click here for the full article.