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Fannie Mae

Fannie Mae, Freddie Mac to support bigger mortgages next year

Fannie Mae, Freddie Mac to support bigger mortgages next year

Chicago-area homebuyers next year will be able to apply for larger mortgages backed by Fannie Mae and Freddie Mac, as the local housing market benefits from home prices that are rising faster in other parts of the country.

How much that helps the local market next year, which is expected to grow at a slower pace than other cities, remains unclear.

The Federal Housing Finance Agency on Tuesday announced the maximum “conforming” loan size that can be sold to Fannie Mae and Freddie Mac in 2018 will be $453,100 for a single-family home in most parts of the country, a 6.8 percent increase from 2017’s maximum loan size of $424,100.

Fannie Mae and Freddie Mac maximum loan...

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