Federal agency raises the size of most single-family loans the government can guarantee to $806,500
Associated PressThe Federal Housing Finance Agency is increasing the size of home loans that the government can guarantee against default as it takes into account rising housing prices. Beginning next year, mortgage buyers Fannie Mae and Freddie Mac will be able to acquire loans of up to $806,500 on single-family homes in most of the country, the agency said Tuesday. The agency’s House Price Index showed U.S. home prices climbed 4.3% in the July-September quarter since the same period last year. The 2025 single-family home conforming loan limit will apply to most of the country, though the FHFA allows higher loan limits for certain states, such as Alaska and Hawaii, and in counties where the local median home value is more than double the conforming loan limit. For example, the conforming loan limit for single-family homes in Los Angeles and New York counties will be $1,209,750 starting next year.
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