Rockville, MD - 11/26/13
Just before the holiday season gets into full gear, one piece of mortgage news in Rockville, MD to be thankful for!
Today, the Director of the Federal Housing Finance Agency announced in a press release that loan limits for Fannie Mae and Freddie Mac will be unchanged for the coming year. Nationally, this is $417,000 and higher cost areas limits are up to $625,500. This is great news as there were substantial rumors about the limits coming down. Many industry experts felt that lowering the limits would have a significant impact on buyers’ purchase ability in higher cost areas, such as ours.
The Fannie Mae loan limit lookup table can be found: https://www.fanniemae.com/content/tool/loan-limit-table.xls
Quick Summary:
Maryland:
Montgomery / PG / Frederick $625,500
Howard / Anne Arundel / Baltimore $494,500
DC: $625,500
Northern Virginia: $625,500
May your Thanksgiving holiday be filled with warmth and laughter.
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