Fannie Mae, Freddie Mac boost conforming loan limits for first time in years

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The limit for a so-called conforming mortgage will increase to $424,100 from $417,000 in 2017, the Federal Housing Finance Agency said Wednesday.

It’s the first time since 2006 that the feds have raised the mortgage cap that applies to much of the United States, including Palm Beach County. In the priciest housing markets, such as San Francisco, the federal loan limit rises to $636,150 from $625,500.

Borrowing more than the loan limit requires a jumbo loan, which typically carry higher interest rates and stricter underwriting guidelines than conforming loans.

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