Conforming loan limits remain unchanged for 2007

According to a news release, limits for single-family mortgages purchased by Fannie Mae remain at $417,000 for one-unit properties for most of the United States. Limits for multiunit loans for 2007 will be $533,850 for two-unit loans; $645,300 for three-unit loans; and $801,950 for four-unit loans. The 2007 loan limit for second mortgages will be $208,500.

Most loans Fannie Mae purchases are well below the conforming limit. The company’s average loan size for single-family properties in the first two quarters of 2006 was approximately $187,000.

Fannie Mae operates pursuant to a federal charter and is a New York Stock Exchange company under the symbol FNM. Fannie Mae works to expand access to homeownership for first-time buyers and is working to raise the minority homeownership rate in the United States to 55 percent.