Conforming Loan Limits Raised

Conforming Loan Limits Raised

Fannie Mae and Freddie Mac last week announced the 2004 conforming loan limits on mortgages the two companies will purchase. Single-family loans were raised to $333,700 from $322,700. Loan limits for multi-unit loans increased as well. The two companies will purchase two-family loans up to $427,150; three-family loans up to $516,300; and four-family loans up to $640,650.

Increased conforming loan limits will also raise the 2004 FHA loan limits. The FHA high cost ceiling will be $290,319 and the floor will be $160,176. New loan limits are effective Jan. 1.