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Freddie Mac Loan Limits for 2013 Remain Unchanged

November 29, 2012

In line with the Federal Housing Finance Agency (FHFA) announcement on the 2013 loan limits, Freddie Mac’s base conforming loan limits and high-cost area loan limits will remain at the existing 2012 levels through December 31, 2013.

Sell & Deliver

For mortgages with Freddie Mac funding or settlement dates on or after January 1, 2013, the base conforming loan limits ($417,000 for 1-unit properties in the contiguous United States) and the maximum loan limits for high-cost areas will remain at the current levels.

As a reminder, the Housing and Economic Recovery Act of 2008 (HERA) provides the formula for FHFA to determine the loan limits for high-cost areas. The HERA terms specify that the maximum allowable limit for high cost areas must not exceed $625,500 for a 1-unit single-family property in the contiguous United States, although actual loan limits for a specific high-cost area may be lower than the maximum permitted amount.  

In all instances, the loan limits for 2- to 4-unit properties and mortgages secured by properties in AK, HI, GU, and the U.S. Virgin Islands are higher.

It is important that you review the 2013 loan limits permitted for a specific county, which FHFA makes available on its website.

While Loan Prospector® and the selling system will be updated to reflect the 2013 loan limits, there should be no changes to your operational procedures or processes.

The Single-Family Seller/Servicer Guide (Guide) will be updated in an upcoming Guide Bulletin to reflect the 2013 conforming loan limits.

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