First Increase in over a Decade as FHFA Announces New Loan Limits

FHFA.gov | The Federal Housing Finance Agency announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2017 will increase.

As of Jan. 1, households will be able to get larger FHA loans for their home purchase. In high-cost areas borrowers will be able to get loans as high as $636,150, almost $11,000 more than what they were able to get in 2016. In low-cost areas, they’ll be able to get loans for up to $275,665. That’s up from $271,050.