Conventional Loan Limits Increased for Freddie Mac & Fannie Mae

Conventional Loan Limits Increased For Freddie and Fannie

The Office of Federal Housing Enterprise Oversight (OFHEO) announced on Tuesday that new limits will apply for loans that can be purchased by the two Government Sponsored Enterprises for which it has oversight.

Effective January 1, 2006, Freddie Mac and Fannie Mae will be able to purchase single family home mortgages up to a limit of $417,000. This is an increase of 16+ percent from the $357,650 cap for 2005.

The increase was in keeping with figures released earlier in the day by The Federal Housing Finance Board (FHFB) reporting that, nationally, the average cost of a one-family house October was $306,759, an increase of 15.96 percent since October 2004.

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