WASHINGTON (11/25/14)--Maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac will remain unchanged in most of the country, the agency announced Monday. The limit will be $417,000 for one-unit properties.
The limits are established under the terms of the Housing and Economic Recovery Act (HERA) and are calculated each year. HERA sets maximum loan limits as a function of median home values.
Loan limits will rise in 46 counties because those counties experienced increases in local home values. Although other counties experienced home value increases in 2014, after other elements of the HERA formula were accounted for the local-area limits were left unchanged, according to FHFA.
The Credit Union National Association urged FHFA Director Mel Watt not to reduce the loan limits.
A list of the 2015 maximum conforming loan limits for all counties and county-equivalent areas in the country has been posted to the agency's website.