Government to back mortgages of $1.089 million in California
By Jennifer Epstein | Bloomberg
The federal government plans to back mortgages of more than $1 million, catching up with the dramatic rise in US home prices in recent years.
The 2023 limit for mortgages on single-family homes in high-cost areas, such as parts of New York and California, will be $1.089 million, the Federal Housing Finance Agency said in a statement Tuesday. That threshold, for loans to be acquired by Fannie Mae and Freddie Mac, is up from the 2022 limit of $970,800.
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