fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017

Virgin Islands. In these areas, the baseline loan limit will be $970,800 for one-unit properties.ĭue to rising home values, the CLLs will be higher in all but four U.S. Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam, and the U.S. The new ceiling loan limit for one-unit properties will be $970,800, which is 150 percent of $647,200. Median home values generally increased in high-cost areas in 2021, which increased their CLL. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting a “ceiling” at 150 percent of the baseline limit. And those higher prices have pushed mortgage giants Fannie Mae and Freddie Mac to raise the limits of government-backed loans to a record level for 2022, with the maximum loan limit at nearly 1. home value over the last four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 18.05 percent, on average, between the third quarters of 20. Therefore, the baseline CLL in 2022 will increase by the same percentage. įor areas in which 115 percent of the local median home value exceeds the baseline CLL, the maximum loan limit will be higher than the or areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will be higher than the baseline loan limit. home price. Earlier today, FHFA published its third quarter 2021 FHFA House Price Index® (FHFA HPI®) report, which includes statistics for the increase in the average U.S.

The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021. Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. Baseline Conforming Limit Will Increase to $647,200įHFA Announces Conforming Loan Limits for 2022 | Federal Housing Finance Agency

Fhfa announces increase in maximum conforming loan limits for fannie mae and freddie mac in 2017