Announced: Wednesday, November 23, 2016
Starting in 2017 for the first time since 2006, the Federal Housing Finance Agency is increasing the maximum loan limits for “conventional” mortgages across the country. One-unit properties will increase their loan limits from $417,000 to $424,100 making this loan product available to more purchasers. This increase represents a 1.7% increase over the previous limit from the start of the housing crisis in 2006 to the end of this year. High price markets such as Lincoln Park, Wicker Park, Logan Square, Old Town, Gold Coast and River North and others will be the Chicago neighborhoods most greatly affected by this increased loan level allowance.