The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limit for mortgages acquired by Fannie Mae and Freddie Mac in 2016 will remain at the existing levels, In a News Release, dated November 25, 2015.
That means that for most of the country, the loan limit for Fannie Mae and Freddie Mac loans will remain at $417,000 for one-unit properties.
However, 39 high-cost counties will see their limits increase. For a complete listing of these counties, click here: FHFA’s website
This announcement will end all speculation as to whether or not the $417,000 baseline loan limit would increase based on reports that property values were gradually increasing in many counties nationwide.
Next up will be HUD/FHA’s announcement relative to FHA maximum loan limits. Last year, their Mortgagee Letter (2014-25) relative to 2015 loan limits was issued on December 5, 2014.
Since FHFA is retaining the baseline loan amount of $417,000 – I would guess that FHA will announce no change in the maximum claim amount for HECM (or Reverse Mortgage) loan transactions, which is currently set at $625,500 (or 150% of this baseline amount).