The highest value of US mortgages eligible for federal government backing has been lifted to almost $1m, in a reflection of the surge in house prices during the coronavirus pandemic.
The Federal Housing Finance Agency on Tuesday said the biggest loan for a single-family property in high-cost areas including New York and Los Angeles that can be purchased by government-sponsored home loan agencies Fannie Mae and Freddie Mac will rise to $970,800 in 2022.
This is an 18 per cent increase in the so-called conforming loan limit set in 2021. In most of the US, the limit will rise to $647,200 from $548,250.
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