Freddie Mac and Fannie Mae may purchase single-family mortgage loans up to $359,650 effective Jan. 1, 2005, the Office of Federal Housing Enterprise Oversight announced today.

The previous limit on single-family mortgage loans was $333,700. The increase in conforming loan limits is based on the October-to-October changes in the average house prices, as published by the Federal Housing Finance Board, and on supervisory guidance issued by OFHEO, the federal regulator of Fannie and Freddie.

The charters of Fannie and Freddie permit an annual adjustment to the maximum size of mortgage loans the two companies may purchase.

Also effective Jan. 1, 2005, other loan limits will be:

  • $460,400 for mortgages on two-family properties (up from $427,150);

  • $556,500 for mortgages on three-family properties (up from $516,300), and

  • $691,600 for mortgages on four-family properties (up from $641,650).

The limit in designated high-cost areas – Alaska, Guam, Hawaii and the U.S. Virgin Islands – will be 50 percent higher for first mortgages.


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