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Most mortgage loan limits stay the same in 2016

WASHINGTON – Dec. 2, 2015 – The Federal Housing Finance Agency (FHFA) announced that maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac will remain unchanged in 2016 for most of the country at $417,000 for single-family homes.
However, 39 U.S. counties deemed “high cost” – counties that already have mortgage ceilings greater than $417,000 – will see their conforming loan limit rise next year.
Conforming loan limits will rise in counties in the Seattle, Denver and Boston metro areas, along with some areas of Nashville. Some of the largest increases will occur in Sonoma County, Calif., where the loan limit will rise by $33,350 – from $520,950 to $554,300. Several Denver-area counties will also see sizable increases up to $34,500 for next year, with loan limits rising from $424,350 to $458,850. Monterey County, Calif., will rise by $26,450, from $502,550 to $529,000. And in San Diego County, loan limits will rise $18,400, from $562,350 to $580,750.
However, FHFA says most cities will not see the change in loan limits because the agency 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.
A HousingWire chart details the 39 U.S. counties that will post increases next year.
Source: “FHFA Announces 2016 Conforming Loan Limits,” HousingWire (Nov. 25, 2015)
Source: Florida Realtors Feed

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