Both Fannie Mae's Selling News and Freddie Mac's Single-Family Update featured huge news this week. Both companies announced loan limits will be increasing in 2018. The increase comes alongside the Federal Housing Finance Agency announcement on November 28.
Freddie Mac's Selling News states that the company would be increasing its maximum base conforming and high-cost area loan limits, effective January 1, 2018. Fannie Mae echoed the announcement adding that the new loan limit in most of the country will be $453,100.
"As a reminder, actual loan limits for certain high-cost areas, as determined by FHFA, may be lower than the maximum high-cost area limit," according to Freddie Mac's update.
"When originating super conforming mortgages, you must check the loan limits for the specific county where the property is located."
Both companies will be updating the corresponding Loan Product Advisor and Desktop Underwriter software to include the changes.