(Inman News Features) – Fannie Mae and Freddie Mac today announced an increase in single-family mortgage loan limits from $275,000 to $300,700, effective Jan. 1, 2002. The 9.3 percent change is consistent with the increase in the national average home price between October 2000 and October 2001 as recorded by the Federal Housing Finance Board.
Effective for deliveries after Jan. 1, the new loan limits will be $384,900 for mortgages on two-unit properties (up from $351,950), $465,200 for mortgages on three-unit properties (up from $425,400) and $578,150 for mortgages on four-unit properties (up from $528,700).
Maximum original loan amounts are 50 percent higher for first mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands, the companies announced.
