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 http://dc.urbanturf.com/articles/blog/fannie_freddie_will_not_change_loan_limits_for_dc_in_2016/10639
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf is re-running its primer on property taxes which outlines a few things that... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Is U Street regaining steam as the development center of gravity in the neighborhood?... read »
If you are a homebuyer in the DC region and feel like your choices are limited, you a... read »
Plans have evolved for the project since it was first shared in September.... read »
After two years of market forces left this neighborhood nearly unrecognizable, signs ... read »
The Shaw pipeline is starting the year off hot.... read »
The upzoning would mandate additional Inclusionary Zoning units for developments alon... read »
A continuing debate around Inclusionary Zoning expansion may have inspired a 3,000-pl... read »
The plans for the parcel have come into focus after the site lay dormant for years. ... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro