Monday, December 2, 2013

Conventional Loan Limits Announced!



   The Federal Housing Finance Agency (FHFA) has issued the maximum loan limits that will apply to conventional loans to be acquired by Fannie Mae in 2014. The first mortgage loan limits are defined in terms of general loan limits and high-cost area loan limits. The maximum loan limits for 2014 remain unchanged from 2013; however, a number of high-cost area county limits have increased.

First Mortgage Loan Limits
The following chart contains the general loan limits for 2014:

Units
General Loan Limits
Contiguous States, District of Columbia, and
Puerto Rico
Alaska, Guam, Hawaii, and U.S. Virgin Islands
One
$417,000
$625,500
Two
$533,850
$800,775
Three
$645,300
$967,950
Four
$801,950
$1,202,925

 The high-cost area loan limits are established for each county (or equivalent) and are published on Fannie Mae’s website and on FHFA’s website. The maximum limits for 2014 are:
Units
High-Cost Area Loan Limits
Contiguous States, District of Columbia, and
Puerto Rico*
Alaska, Guam, Hawaii, and U.S. Virgin Islands
One
$625,500
$938,250
Two
$800,775
$1,201,150
Three
$967,950
$1,451,925
Four
$1,202,925
$1,804,375
 These limits were determined under the provisions of the Housing and Economic Recovery Act of 2008.

*Puerto Rico and a number of other states do not have any high-cost areas in 2014.

Refer to Fannie Mae’s Confirmation of Conventional Loan Limits Letter (LL-2013-09) if you have additional questions. 

No comments: