The Federal Housing Authority (FHA) announced on Friday that federal limits on conforming loans will remain mostly unchanged from 2014 to 2015.
In high-cost areas like San Francisco and New York, the loan limits – or the maximum amount the federal government will buy and guarantee from private lenders – will remain at $625,000, while that number will stay at $417,000 in other parts of the country.
According to MarketWatch reporter Daniel Goldstein, “the limits are calculated based on a certain percentage of the median home price in a particular area.”
Image via flickr/401(k) 2012
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