Fannie and Freddie Announce 2002 Loan LimitsMortgagePress.comfannie mae ,freddie mac ,loan limits
Both Freddie Mac and Fannie Mae have increased
their single-family mortgage loan limits for 2002 to $300,700, a
change that is consistent with the increase in the national average
home price over the past year.
Freddie Mac estimates that 250,000 additional families will
obtain lower cost mortgage financing through their 9.3 percent
increase over its previous limit, and that total mortgage interest
savings for a borrower with a 30-year mortgage will be
approximately $37,000 over the life of the loan.
Similarly, Fannie Mae expects the new limit to assist an
additional 220,000 families, saving borrowers up to $26,900 over
the life of their mortgage. The limit on second mortgages will
increase as well, to $150,350.
The new loan limits set by both organizations will be:
++$300,700 for mortgages on one-family properties (up from
++$384,900 for mortgages on two-family properties (up from
++$465,200 for mortgages on three-family properties (up from
++$578,150 for mortgages on four-family properties (up from