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WASHINGTON, DC -- Fannie Mae (FNM/NYSE), the
nation's largest source of financing for home mortgages, today
announced that it will apply new conforming loan limits, as
determined by the Office of Federal Housing Enterprise Oversight
(OFHEO) based on federal data on mean (average) home prices,
to increase its single-family mortgage loan limit to $359,650
for 2005.
As a result of the new loan limit, Fannie Mae estimates
that in 2005, as many as an additional 271,524 homeowners
would be eligible for a conforming loan.
Conforming loan limits may adjust annually. The conforming
loan limits adjustments are based on the October-to-October
changes in the mean (average) home price, as published by
the Federal Housing Finance Board (FHFB). The FHFB figures
come from its monthly survey of lenders. Both new and existing
homes are included in the survey.
Limits for multi-unit loans for 2005 will be as follows:
two-family loans $460,400; three-family loans $556,500; and
four-family loans to $691,600. The 2005 loan limit for second
mortgages will be $179,825.
The maximum amounts for one-to-four-family mortgages and
second mortgages in Alaska, Hawaii, Guam and the U.S. Virgin
Islands are 50 percent higher than the limits for the rest
of the country.
Most loans Fannie Mae purchases are well below the conforming
limit. Our average loan size for single-family properties
in 2004 is about $160,000.
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