2003 Fannie Mae And Freddie Mac Loan Limits Increase
November 26, 2002
FHA 2003 Mortgage Limit Also Rises
The 2003 Single Family Loan Limit for Fannie Mae and Freddie Mac will be $322,700, up from this year's $300,700. The Federal Housing Finance Board today announced the results of its Monthly Interest Rate Survey for October 2002, which includes the average one-family house purchase price for October, the statutory index for calculating the conforming loan limits. The October 2002 one-family house purchase price average is $235,700 up from last year's $219,600.
This year's loan limits involve a straight calculation based on the statutory formula, which looks at the October to October change in the home price index.
The 2003 conforming loan limits are:
Under the Fannie Mae and Freddie Mac Charter Acts, the loan limits are 50% higher for first mortgages in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.
The base FHA Loan Limit is indexed at 48% of the conforming loan limit and will be $154,896 in 2003. The maximum FHA one-family loan limit for "high cost" areas, indexed at 87% of the conforming loan limit, will increase to $280,749. The VA loan limit is set independently of the conforming loan limits.