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FHFA Raises Conforming Loan Limit; Home Price Gains “Appear Unstoppable”

FHFA Raises Conforming Loan Limit; Home Price Gains “Appear Unstoppable”

Loan limits were frozen in place at $417,000 for 10 long years after the housing bust, but were finally raised on January 1 of this year. Rapidly increasing home prices have now allowed the Federal Housing Finance Agency (FHFA) to increase them again for 2018. The maximum conforming loan limits for mortgages eligible to be acquired by Fannie Mae and Freddie Mac (the GSEs) in most of the U.S. starting on January 1 will be $453,100, an increase from $424,100 in 2017. The Veterans Administration and FHA are expected to follow suit, raising limits for their own loans. The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit for the GSEs be adjusted each year to reflect the change in the average U.S. home price. FHFA published its third quarter House Price Index
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