The Federal Housing Finance Agency on Tuesday announced the maximum “conforming” loan size that can be sold to Fannie Mae and Freddie Mac in 2018 will be $453,100 for a single-family home in most parts of the country, a 6.8 percent increase from 2017’s maximum loan size of $424,100.
- Timeliness: Urgent! Every office should be given this presentation.
- Expiration: 12/31/17, unless updated
- New “conforming” loan limit for 2018 will be $453,100 for a single-family home in most parts of the country, up 6.8% from 2017’s limit of $424,100.
- The conforming loan limits for Fannie and Freddie are determined by the Housing and Economic Recovery Act of 2008, which established the baseline loan limit at $417,000 and mandated that, after a period of price declines, the baseline loan limit cannot rise again until home prices return to pre-decline levels.
- It is the second consecutive year in which the agency raised conforming loan limits nationally.
- Last year’s increase was the first bump since 2006, before the housing crisis.