The Federal Housing Finance Agency said yesterday that it will raise the maximum conforming loan limits for mortgages Fannie Mae and Freddie Mac purchase in 2017 from $424,000 to $453,100. The announcement marks the second time FHFA has increased the baseline loan limit since 2006. The first increase was in 2017.
In high-cost areas, such as Los Angeles, New York, San Francisco and Washington, D.C., the maximum loan limit will be $679,650, which is 50 percent higher than the prevailing conforming loan limits. Meanwhile, limits will rise in all but 71 counties in the country.