Federal mortgage loan limit increased in metro Phoenix

By Catherine Reagor | The Republic

Valley borrowers can get a loan backed by Fannie Mae or Freddie Mac for up to $424,100

For the first time since the housing boom in 2006, the amount metro Phoenix homebuyers can borrow with a federally-backed loan has increased.

Starting in 2017, borrowers can get a loan backed by mortgage giants Fannie Mae or Freddie Mac for up to $424,100. That’s about $7,000 more than the previous limit, which has been in place since the housing crash.

The Federal Housing Finance Agency raised the loan limits in most parts of the U.S. because of rising home prices.

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