WASHINGTON, D.C. – November 27, 2013 – (RealEstateRama) — Congresswoman Carolyn B. Maloney, (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, commended the Federal Housing Finance Agency’s (FHFA) announcement today to maintain the current limits on the size of home mortgages that taxpayer-owned Fannie Mae and Freddie Mac can finance in 2014. Last month, Maloney led 65 members of Congress on a letter to FHFA Acting Director Ed DeMarco that urged FHFA not to reduce these mortgage sizes, also known as conforming loan limits.
“I’m very pleased that FHFA heeded my, and other members’, calls to maintain the current size of home mortgages that Fannie Mae and Freddie Mac can finance,” Maloney said. “Not only did FHFA find that the current levels were justified, it also found that higher limits were appropriate in an additional 18 high cost counties across the country. Thanks to this decision, homebuyers in expensive markets will have better access to the financing they need to purchase a home. With the housing market slowly picking up in some areas of the country, now would have been exactly the wrong time to make buying a home even more difficult.”
Today’s FHFA announcement found that conforming loan limits should be maintained through at least 2014. The report also increase the loan limits in 18 counties across the country. As a result Fannie Mae and Freddie Mac will be able to finance home loans up to $417,000 in most areas across the country and up to $625,500 in counties designated as high cost.