Wednesday, November 26, 2014

Not Much Change in 2015 Loan Limits According to the FHFA

Next year most of the country will not see an increase in the maximum amount of conforming loan limits that will be acquirable by both Freddie Mac and Fannie Mae. The same as this year, the maximum loanable amount will be $417,000 (not including multi-unit properties).

These figures are determined each year per the guidelines of the Housing and Economic Recovery Act of 2008 (HERA). The maximum loanable amount is determined based upon the median value of homes throughout any given county wide area within the U.S. Only 46 counties nationwide will see an actual increase in the loanable amounts as allowed by HERA this upcoming year. This determination was based primarily on the fact that these specific areas have seen an increase in property values this year as compared to 2013.

If you would like to find out the maximum conforming loan limits next year for your local area(s) you can click here. The document will also include the maximum loan amounts for 2, 3 and four unit structures.

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