The Office of Federal Housing Enterprise Oversight (OFHEO) has released the new Fannie Mae and Freddie Mac conforming loan limits for 2006. These amounts are sinificantly above the anticipated increase, and up 16% from 2005! The maximum loan limit for purchase is adjusted annually to reflect changes in median home prices. These new limits go into effect January 1, 2006.
Contiguous 48 States, District of Columbia & Puerto Rico, by number of units:
- $417,000
- $533,850
- $645,300
- $801,950
Alaska, Hawaii, Guam & U.S. Virgin Islands, by number of units:
- $625,500
- $800,775
- $967,950
- $1,202,925
The limits are even higher outside of the continental United States. Under Freddie Mac's charter, the limits on conforming loans are 50 percent higher in the U.S. Virgin Islands, Guam, Alaska and Hawaii. A report this week from the National Association of Realtors showed the median price of an existing home in October was $218,000, up from $187,000 in October 2004, the biggest year-over-year increase since July 1979.
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