By Ranjeet

Mortgage Giants Raise Loan Limits

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Mortgage loan giants Fannie Mae and Freddie Mac will raise the limits of government-backed loans to a record level for 2023,

with the optimum loan limitation striking more than $1 million for high-cost locations, the Federal Housing Finance Agency revealed Tuesday. 

Even as the property market has actually cooled in the face of increasing home mortgage rates this year,

house costs are still climbing up, with costs up 12.21% in the 3rd quarter compared to a year back, according to FHFA. 

As a result, the standard adhering loan limitation for 2023 will be $726,200, up $79,000 from this year's limitation of $647,200. 

Higher-cost locations will have a brand-new loan limitation of $1,089,300, or as much as 150% of the standard loan limitation. This year, the loan limitation for high expense locations is $970,800. 

" These brand-new, much greater numbers will allow more property buyers to make the most of Fannie Mae and Freddie Mac funding,"

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