What's Hot: Renderings Revealed for 337-Unit Brookland Bowling Alley Conversion | Dan Snyder's Potomac Home Hits the Market for $49 Million
U.S. Poised to Back Mortgages of Nearly $1 Million
The Federal Housing Finance Agency (FHFA) is poised to increase mortgage loan limits for 2022, and in some places, those limits could approach $1 million.
The Wall Street Journal is reporting that the FHFA will increase loan limits backed by Fannie Mae and Freddie Mac to about $650,000 in most parts of the U.S. and to just under $1 million in high-cost markets. This will be the sixth year in a row that loan limits have increased, following the path of home price appreciation across the country.
story continues below
loading...story continues above
"The increase may make it easier and cheaper for some borrowers to buy a home, particularly in more expensive areas of the country, but the higher limits are also likely to elevate debate about how big of a mortgage is too big to be backed by the government," The Wall Street Journal wrote.
For the immediate DC area, and most other regions classified as "high-cost", the loan limits are currently $822,375 for a single dwelling unit, 150% higher than the nationwide maximum. The 2020 maximum was $765,600 in high-costs areas.
Government Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac guarantee many mortgages nationwide, often at lower costs and with more favorable lending terms. However, because they are legally bound to only accept loans of a certain amount, the increased loan limits make GSE loan underwriting more accessible to a larger pool of homebuyers.
This article originally published at https://dc.urbanturf.com/articles/blog/us-poised-to-back-mortgages-of-nearly-1-million/18956.
Most Popular... This Week • Last 30 Days • Ever

The Park View studio spreads out over just 265 square feet.... read »

When Johnsie Walsh rented a unit in her Stanton Park apartment building, she had no i... read »

The 30,000 square-foot home has been privately offered for sale since 2018.... read »

DC's Office of Planning recently looked at DC's migration patterns in 2022. Today, Ur... read »

The residential conversion at a former bowling alley in DC is moving forward, and new... read »
- 265 Square Feet: Inside the Smallest Home on the Market in DC
- Obama, The Tenant: A Chat With The President's DC Landlord
- Dan Snyder's Potomac Home to Publicly Hit the Market for $49 Million
- In and Out: DC's Migration Patterns in 2022, By the Numbers
- Renderings Revealed for 337-Unit Brookland Bowling Alley Conversion
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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro