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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