Government-backed lenders will offer $1 million mortgages in more US counties from next year as house prices reach record highs.
Fannie Mae and Freddie Mac place a ceiling on the value of home loans it is willing to give buyers and this varies between counties depending on their property prices.
On Tuesday the Federal Housing Finance Agency (FHFA) - which oversees both lenders - announced it was increasing the maximum Conforming Loan Limit (CLL) in highest-cost areas from $1.09 million to $1.15 million in 2024. For the majority of the country, the new cap will be $766,550, up from $726,200 this year.
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