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Fannie Mae, Freddie Mac and Mortgage Loan Limits

November 16, 2013

The guys responsible for Fannie Mae and Freddie Mac are in talks about decreasing their maximum loan amounts around Spring 2014. The decision is due to be announced next month.

What does that mean for consumers? If the Fannie Mae and Freddie Mac mortgage loan limits are lowered, the borrowers who previously qualified for such loans may be pushed into the Jumbo Loan category.

“[Industry] analysts say the maximum Fannie-Freddie loan size could drop from the current $417,000 to $400,000 in most parts of the country, and from $625,500 to $600,000 in designated high-cost areas such as coastal California, metropolitan Washington, New York and its suburbs, parts of New Jersey, Massachusetts, New Hampshire, Colorado, Idaho, Wyoming and North Carolina. The decreased limits could be announced next month and take effect as early as May.”

Jumbo loans usually require above-average credit scores and/or higher interest rates, but some lenders are more lax than others. This change, in addition to the new rules for ‘Qualified’ mortgages taking effect this coming January, will make getting a loan a little more difficult to navigate for consumers, but PMC Can Help walk you through the process. Give us a call or send us a message today at 800-385-3657 or info@pmccanhelp.com, even for questions.

Source: Jumbo home loans may grow in Fannie and Freddie trim their mortgage limits’ by Kenneth R. Harney, The Washington Post.com

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