WASHINGTON – Nov. 29, 2012 – The Federal Housing Finance Agency (FHFA) announced today that maximum conforming loan limits for Fannie Mae and Freddie Mac mortgages would remain at existing levels in 2013.

In most of the country, the loan limit will be $417,000 for one-unit properties, though it can be higher in some areas – as much as $625,500 in a few high-cost areas in the contiguous United States. The Housing and Economic Recovery Act of 2008 (HERA) establishes rules for creating loan limits each year based on median home values.

For loans originated prior to October 2011, the maximum loan limit was as high as $729,750. However, that higher limit was allowed under legislation that no longer applies.

FHFA has a county-by-county breakdown of local loan limits posted on its website.

© 2012 Florida Realtors®