Tag Archives for " Housing and Economic Recovery Act "
According to the announcement made by the Federal Housing Financing Agency (FHFA) last Monday, conforming loan limits will remain the same throughout most parts of the country for 2015.
FHFA revealed that Fannie Mae and Freddie Mac’s maximum mortgage limit would remain at $417,000 for all single-unit properties in most areas with $625,000 as the maximum for some high-cost areas.
Every year, loan limits are recalculated and set based on the median home values under the terms of the Housing and Economic Recovery Act (HERA).
Though loan limits remain the same in most areas in the United States, 46 counties will be experiencing an increase brought about by the own local conditions especially those higher-cost areas like California, Colorado, Massachusetts, Maryland, New Hampshire, Tennessee, and Washington.