Higher Loan Limits Give Buyers More Options

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The ceiling is rising on Federal Housing Authority (FHA) and Veterans Affairs (VA) loan limits, which can be excellent news. For anyone seeking more flexible financing options for home loans, refinances or home equity loans, the higher limits can provide an ideal solution.

Conforming loans – or mortgages that follow government-sponsored enterprise (Fannie Mae and Freddie Mac, regulated by the Federal Housing Finance Agency) rules – have increased to $424,100 for single–family homes in most of the country. That’s a boost from the $417,000 limit in place since 2006.

The limit is also increasing in more expensive markets, such as San Francisco and New York City, to $636,150. The previous cap was $625,500.

The Housing and Urban Development and Veterans Affairs departments recently announced the boost in light of rising home prices.1

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