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Fannie Mae and Freddie Mac Announces Year 2001 Loan Purchase Limits

November 28, 2000

McLEAN, VA -- Fannie Mae and Freddie Mac today announced that it will increase their single-family mortgage loan limit from $252,700 to $275,000 effective January 1, 2001. The 8.83 percent change is consistent with the increase in the national average home price between October 1999 and October 2000 as recorded by the Federal Housing Finance Board (FHFB).

"This is great news for America?s families," said Leland C. Brendsel, chairman and CEO of Freddie Mac. The increase in the single-family mortgage loan limit makes it possible for an estimated 150,000 additional families to obtain lower cost mortgage financing. Freddie Mac estimates that total mortgage interest savings for a borrower with a typical 30-year mortgage at the new conforming loan limit is approximately $34,000 over the life of the loan.

Effective for deliveries after January 1, 2001, the new loan limits for mortgages on one-to-four family properties will be:

$275,000 for mortgages on one-family properties (up from $252,700);

$351,950 for mortgages on two-family properties (up from $323,400);

$425,400 for mortgages on three-family properties (up from $390,900); and

$528,700 for mortgages on four-family properties (up from $485,800).

Under their charters the maximum original loan amounts are 50 percent higher for first mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands.


FREDDIE MAC and FANNIE MAE LOAN LIMIT DATA
November 28, 2000
CONVENTIONAL LOAN LIMITS

 

1999

2000

2001

One-Family

$240,000

$252,700

$275,000

Two-Family

$307,100

$323,400

$351,950

Three-Family

$371,200

$390,900

$425,400

Four-Family

$461,350

$485,800

$528,700

##

Source: Freddie Mac



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