America's families may be able to borrow more next year. For the first time since 2006, the Federal Housing Finance Agency (FHFA) announced increases to the conforming loan limits. In most of the country, the 2017 maximum loan limit for one–unit properties will be $424,100, up from $417,000.
The limits are even greater in high–cost areas, which vary by county. Click here to see how your area stacks up.
Freddie Mac is permitted to buy single–family mortgages with balances up to the conforming loan limit allowed by FHFA based on a formula established under the Housing and Economic Recovery Act of 2008 (HERA).