|
WASHINGTON, DC - News Release -29-NOV-05
|
Number of Units
|
Maximum original principal balance
|
|
1
|
$417,000
|
|
2
|
$533,850
|
|
3
|
$645,300
|
|
4
|
$801,950
|
Fannie Mae (FNM/NYSE) 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 $417,000 for 2006.
As a result of the new loan limit, Fannie Mae estimates
that in 2006, as many as an additional 466,326 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 2006 will be as follows:
two-family loans $533,850, three-family loans $645,300, and
four-family loans $801,950. The 2006 loan limit for second
mortgages will be $208,500.
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 the first three quarters of 2005 is about $172,000.
The maximum allowable loan amount for a second
mortgage
is $208,500. Furthermore, the sum of the original loan
amounts of the first and second mortgages cannot exceed $417,000.
These limits apply whether or not we own or have an interest
in the first mortgage.
Fannie Mae is a New York Stock
Exchange Company. It operates pursuant to a federal charter.
Fannie Mae has pledged through its American Dream Commitment
to expand access to homeownership for millions of first-time
home buyers; help raise the minority homeownership rate to
55 percent; make homeownership and rental housing a success
for millions of families at risk of losing their homes; and
expand the supply of affordable housing where it is needed
most.
For More Information
For historical loan limit information, please consult our
historical Fannie Mae loan limits. Historical
Fannie Mae Loan Limits (.pdf, 39KB, 1 page)
© 2001-2005 Fannie Mae. All Rights
Reserved.
|
