What's Hot: The Most Expensive Home In Chevy Chase Will Hit The Market For Just South Of $10 Million
Federally-Backed Mortgage Loan Limits to Rise for the First Time in Over a Decade
✉️ Want to forward this article? Click here.
A few years ago, the question was whether or when the government would lower the limits on mortgage loans backed by Fannie Mae and Freddie Mac. Now, the Federal Housing Finance Agency (FHFA) is set to increase the limits next year.
Currently, the loan limit in most counties nationwide is at $417,000; as of next year, it will rise to $424,100 — the first time the limit has been raised since 2006. The previous increase was much more dramatic, as the 2006 baseline was $359,650.
Fannie Mae and Freddie Mac are Government Sponsored Enterprises (GSEs) charged with guaranteeing a great portion of mortgages in the country, often at lower costs and more favorable lending terms. The increased loan limits will enable those GSEs to underwrite loans for more homeowners, who have seen housing costs bounce back demonstrably since the market crashed in 2009.
In some “high cost” counties, such as those in the DC metro area, the loan limit is already higher than what is typical nationwide and will increase from $625,500 to $636,150.
See other articles related to: fannie mae, freddie mac, loan, loan limits, mortgage lending, mortgages
This article originally published at https://dc.urbanturf.com/articles/blog/federally-backed_loan_limits_to_rise/11919.
Most Popular... This Week • Last 30 Days • Ever
If the home ultimately sells for around that list price, it would set a record as the... read »
When purchasing a home, it's crucial to conduct a thorough inspection to determine th... read »
The federal government could be shut down by the end of today, and that shutdown coul... read »
The multi-faceted project will include restaurant, bar, fitness and event spaces.... read »
In 2017, DC's Wardman Tower was reimagined into 32 of the most luxurious condos in th... read »
- Fox News Bret Baier's $29 Million DC Home Finds A Buyer
- A Home Inspection Primer For New Home Buyers
- How a Government Shutdown Could Affect Home Loans
- Union Market Lite? New Food Hall And Event Space Planned For H Street Corridor
- A Singular Residence Comes Up for Sale at One of DC's Most Illustrious Addresses
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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro