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Maximum Conforming Loan Limits For Fannie Mae & Freddie Mac Will Increase In 2017
FHFA announced today the Maximum Conforming Loan Limits For Fannie Mae & Freddie Mac Will Increase In 2017. The new posted maximum conforming loan limits for 2017, will increase by 1.7%. The new limits will apply to loans delivered and or closed after January 1, 2017.
However, the new maximum conforming loan limits will not be implemented in to Desktop Underwriting (DU) for Version 9.3 and Version 10.0 until the weekend of December 10, 2016. So this means the earliest a Fannie Mae backed loan can be originated above $417,000 is December 12, 2016.
This is the first increase in the base loan limit since 2006.
Presently the Conforming Loan Limit is $417,000, and has been the Conforming Loan Limit for single family properties since 2006. Several attempts have been made in recent years, as was the case two years ago, to lower this limit. But none have succeeded, and the Conforming Loan Limit has remained the same until now.
In 2008 The Housing & Economic Recovery Act (HERA) gave Fannie Mae and Freddie Mac the authority to set conforming loan limits, but required Fannie Mae and Freddie Mac to make annual adjustments to reflect annual changes in ... more
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