FHFA raises loan limit across South Florida and most of U.S.
The Federal Housing Finance Agency says it will increase the maximum loan limit for government-insured mortgages across most of the country, including South Florida.
Starting next year, single-family homebuyers in Palm Beach, Broward and Miami-Dade counties can get a Fannie Mae or Freddie Mac loan up to $424,100. The current limit is $417,000.
The first increase since 2006 shows how much the housing market has improved since the bust, Svenja Gudell, chief economist for Zillow.com, said in a statement.
“The higher conforming loan limit will allow a broader pool of borrowers to access the more flexible terms of government-backed loans, and this move reflects the need to ensure homebuyers can still access affordable mortgages even as home values rise,” she said.
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