The Federal Housing Financing Agency (FHFA) announced shortly before Thanksgiving that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac will remain at existing levels for DC in 2016. Fannie and Freddie will back loans of up to $417,000 in most of the country and up to $625,500 in more expensive housing markets like DC.
The FHFA will increase loan limits in 39 counties in six states where home prices have increased over the last year.
In early 2009, the Housing and Economic Recovery Act of 2008 upped the limit on conforming loans in places with high home prices like DC from $417,000 to $729,750 because the availability of those size loans in the private market all but disappeared. The insurance that loans up to $729,750 would be backed was reinstated in the economic stimulus bill passed at the start of the Obama administration, and was renewed again in 2010. It wasn’t until late-2011 that the loan limits in more expensive areas dropped back to $625,500.
This article originally published at https://dc.urbanturf.com/articles/blog/fannie_freddie_will_not_change_loan_limits_for_dc_in_2016/10639.
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