Sky High Home Prices May Push Fannie Mae and Freddie Mac to Back Loans of Nearly $1 Million

Home prices all over the country have seen stratospheric increases within the past year, as demand for homes spiked and inventory tanked.

But higher prices are expected to push the limits of conforming loans to what experts anticipate may be record increases in 2022, with the maximum loan limit at nearly $1 million for high-cost areas. The expected increases were reported by the Wall Street Journal Tuesday, and industry publications have been forecasting the changes, too.

Mortgages above the “conforming” loan limits imposed by federal mortgage giants Fannie Mae and Freddie Mac are considered “non-conforming” or “jumbo” mortgages, and typically come with higher interest rates.

https://localnews8.com/news/2021/11/17/sky-high-home-prices-may-push-fannie-mae-and-freddie-mac-to-back-loans-of-nearly-1-million/

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