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The Federal Housing Finance Agency (FHFA) announced last week that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In most of the country, the loan limit will be $417,000 for one-unit properties. The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA), and are calculated each year.

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The following chart contains the general loan limits for 2013:

2013-Conforming-Loan-Limits

The following chart contains the loan limits for high-cost areas:

High-Cost-Area-Loan-Limits-2013

A lot of counties in California fall within the high cost limits including Los Angeles, Santa Clara, San Francisco, Alameda, Santa Cruz, Contra Costa and San Mateo.

You can also download the 2013 loan limits for all counties here.

Consistent with FHFA prior practice, in determining the 2013 HERA limits, FHFA used median home values estimated by the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD). If you are unsure of the loan limits in your area, please contact me.

Looking for a higher loan amount? – FHA Loans or 80/10/10 loan may be your solution.