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Washington, D.C. – The Federal Housing Finance Agency (FHFA)
today announced that the maximum conforming loan limits for mortgages acquired
by Fannie Mae and Freddie Mac in 2016 will remain at existing levels, except in
39 high-cost counties where they will increase. In most of the country, the loan limit will remain
at $417,000 for one-unit properties.
and Economic Recovery Act of 2008 (HERA) 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. The $417,000 loan limit will stay the same for
2016 because FHFA has determined that the average U.S. home value in the third
quarter of this year remained below its level in the third quarter of 2007.
for higher loan limits in high-cost counties by setting loan limits as a
function of area median home value. Although
the baseline loan limit will be unchanged in most of the country, 39 specific high-cost
counties in which home values increased over the last year will see the maximum
conforming loan limit for 2016 adjusted upward.
Although other counties also experienced home value increases in 2015, after other elements of the HERA formula—such as
the statutory ceiling and floor on limits—were accounted for, these local-area
limits were left unchanged.
A list of the
2016 maximum conforming loan limits for all counties and county-equivalent
areas in the country may be found here. A description of
the methodology used for determining the maximum loan limits can be found in
the attached addendum.
concerning the maximum conforming loan limits can be addressed to LoanLimitQuestions@fhfa.gov.
of 2016 Maximum Conforming Loan Limits Under HERA
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032Consumers: Consumer Communications or (202) 649-3811
© 2018 Federal Housing Finance Agency