Conforming loan limits will remain untouched throughout most of the country for 2015, the Federal Housing Finance Agency (FHFA) revealed Monday.
In an release, FHFA announced that the maximum limit for mortgages acquired by Fannie Mae and Freddie Mac will stay at $417,000 for single-unit properties in most of the country, with a maximum of $625,500 for certain high-cost areas.
Loan limits are recalculated and set each year under the terms of the Housing and Economic Recovery Act (HERA). Calculations are based on median home values.
While loan limits were kept the same for most the United States, 46 counties will see an increase based on their own local conditions. Those counties are concentrated in higher-cost areas in a handful of states, including California, Colorado, Massachusetts, Maryland, New Hampshire, Tennessee, and Washington.