After not moving much for a decade before ticking up this year, the Federal Housing Finance Agency (FHFA) plans to raise the limits on mortgage loans backed by Fannie Mae and Freddie Mac again in 2018.
The loan limit in most counties throughout the country is currently $424,100 and will go up to $453,100 in 2018, nearly $94,000 more than the 2006 baseline of $359,650. For “high cost” counties like those throughout the DC region, the loan limit will increase from $636,150 to $679,650.
Government Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac guarantee a sizeable portion of mortgages in the country, often at lower costs and more favorable lending terms. The increased loan limits make loan underwriting from GSEs more accessible to a larger pool of homebuyers and brings those loan limits more in line with the realities of the housing market, which has experienced not only a strong recovery since the 2008-2009 recession, but also steady upward climb in home prices over the past 1.5 years.
This article originally published at https://dc.urbanturf.com/articles/blog/fha_loan_limits_to_rise_for_the_second_year_in_a_row/13368.
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