This increase is particularly important in high cost states such as Massachusetts where eight counties are considered by the FHFA to be “high-cost areas” and will see additional loan limit increases as follows:
The increase in conforming loan limits is a long time coming, according to William Brown, the President of the National Association of Realtors®.
“Today’s conforming loan limit increase is a much-needed recognition of rising home prices in high-cost markets, and a help to first-time and lower-income borrowers looking to utilize an FHA mortgage,” Brown said. “Credit remains tight, but this decision will help more qualified buyers address the hurdles and high costs standing between
them and the dream of homeownership.”
FHFA Announcement: http://www.fhfa.gov//Media/PublicAffairs/Pages/FHFA-Announces-Increase-in-Maximum-Conforming-Loan-Limits-for-Fannie-Maeand-Freddie-Mac-in-2017.aspx.