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November 25, 2015

Borrowing Power Increases in 39 U.S. Counties Next Year

Homeownership
Golden Houses

Borrowers in certain high cost areas will be able to borrow more next year based on the Federal Housing Finance Agency’s (FHFA) designation of high-cost areas for 2016. Loan limits in 39 high-cost counties will increase in 2016, based on the conforming loan limit formula established under the Housing and Economic Recovery Act of 2008 (HERA).

Conforming loan limits – which restrict the size of mortgages Freddie Mac can purchase from lenders – remain unchanged from existing levels: a base limit of $417,000 for a 1-unit single-family property with a maximum for high-cost areas of $625,500. Actual high-cost limits vary by individual counties, see where yours stacks up.

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