2013 Loan Limits for Fannie Mae and Freddie Mac

Released November 29, 2012 Loan Limits set for 2013.

General Loan Limits for 2013
The general loan limits for 2013 remain unchanged from 2012 (e.g., $417,000 for a 1-unit property in the continental U.S.).

Maximum Original Principal Balance for 2013

Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $417,000 $625,500
2 $533,850 $800,775
3 $645,300 $967,950
4 $801,950 $1,202,925

 

Maximum Loan Limits for High-Cost Areas for Mortgages Acquired in Calendar Year 2013 and Originated after 9/30/2011 or Prior to 7/1/2007*

Loans originated on or after October 1, 2011 use the “permanent” high-cost area loan limits established by FHFA under a formula of 115% of the 2010 median home price, up to a maximum of $625,500 for a 1-unit property in the continental U.S.. The high-cost area loan limits are established for each county (or equivalent) and are published on FannieMae.com. Lenders are responsible for ensuring that the original loan amount of each mortgage loan does not exceed the applicable maximum loan limit for the specific area in which the property is located.
Units Contiguous States, District of Columbia+ Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1 $625,500 $938,250
2 $800,775 $1,201,150
3 $967,950 $1,451,925
4 $1,202,925 $1,804,375

+Puerto Rico and a number of other states do not have any high-cost areas in 2013.
*These limits were determined under the provisions of the Housing and Economic Recovery Act of 2008.

Note that the loan limits apply based on the original loan amount, rather than the unpaid principal balance (UPB).

 

2012 Loan Limits

The Federal Housing Finance Agency (FHFA) has issued the loan limits that will apply to conventional loans to be acquired by Fannie Mae and Freddie Mac in 2012. These maximum conforming loan limits will remain at existing levels, except in Fairfield County, Connecticut, where the limits will increase. The first mortgage loan limits are defined in terms of general loan limits and high-cost area loan limits.

First Mortgage Loan Limits

The following chart contains the general loan limits for 2012:

Units

General Loan Limits

Contiguous States,     
District of Columbia, and Puerto Rico

Alaska, Guam, Hawaii, and the U.S. Virgin Islands

One

$417,000

$625,500

Two

$533,850

$800,775

Three

$645,300

$967,950

Four

$801,950

$1,202,925

 

The high-cost area loan limits are established for each county (or equivalent) and are published on eFannieMae.com and on FHFA’s Web site. The maximum limits for 2012 are:

Units

High-Cost Area Loan Limits

Contiguous States,     
District of Columbia, and Puerto Rico

Alaska, Guam, Hawaii, and the U.S. Virgin Islands

One

$625,500

$938,250

Two

$800,775

$1,201,150

Three

$967,950

$1,451,925

Four

$1,202,925

$1,804,375

These limits were determined   under the provisions of the Housing and Economic Recovery Act of 2008.

 

High-cost area loan limits are derived from median home prices estimated by the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD). FHA will permit a 30-day appeals period during which requests for individual area median home price increases will be evaluated. vacation planner domain names . FHFA will issue a subsequent announcement if any individual high-cost area loan limit is increased as a result of the appeals process.

Second Mortgage Loan Limits

For second mortgage loans, the loan limit for 2012 is $208,500 (or $312,750 in Alaska, Guam, Hawaii, and the Virgin Islands). Furthermore, the sum of the original loan amounts of the first and second mortgage loans may not exceed the applicable loan limit for first mortgage loans based on the location and the number of units of the subject property.