FHFA Announces Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017

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FHFA Announces Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017

Valuation Management Group, as part of our appraisal management services, strives to keep our partners updated on industry related issues.

On November 23, 2016, the Federal Housing Finance Agency (FHFA) announced that the maximum base conforming loan limits will increase for the first time since the housing crisis that began in 2006.

For most of the country conforming loan limits for one unit homes will increase from $417,000 to $424,100.

The conforming loan limit for one unit homes in in Alaska, Guam, Hawaii and the U.S. Virgin Islands will increase to $636,150 In other high-cost counties, higher loan limits will apply. You can access the high-cost area loan limits for 2017 via this link:

https://www.fanniemae.com/singlefamily/loan-limits

The new loan limits are effective for loans delivered on or after January 1, 2017. To read Fannie Mae Lender Letter LL-2016-05 and Freddie Mac’s Announcement in their entirety, please use the following links:

https://www.fanniemae.com/content/announcement/ll1605.pdf

http://www.freddiemac.com/singlefamily/news/2016/1123_loan_limits.html?attr=rssSFNews

Valuation Management Group is pleased to share this long awaited news with our partners.  If there are any additional questions about this announcement, please feel free to reach out to Sharon Lynn, Vice President of Client Relations.

Valuation Management Group is a national, residential and commercial appraisal management services company that manages the appraisal process, including the appraisal review, for financial institutions, banks, mortgage bankers, and credit unions. VMG offers a full array of commercial and residential appraisal products and services. The company’s goal is to take the appraisal process from ordinary to extraordinary for its clients and appraisers.

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