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Coaching Your Organization to Success

National Mortgage Professional
Aug 21, 2002

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 $275,000); ++$384,900 for mortgages on two-family properties (up from $351,950); ++$465,200 for mortgages on three-family properties (up from $425,400); and ++$578,150 for mortgages on four-family properties (up from 528,700).
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