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Fannie Mae, Freddie Mac Increase Home Loan Limits

December 05, 1987|Associated Press

WASHINGTON — The nation's two largest providers of money for home mortgages announced Friday that they were increasing their loan limits by 10% for 1988 to reflect rising home prices.

The action will increase the loan limit for single-family homes to $168,700, up from the current $153,100.

The changes were announced by the Federal National Mortgage Assn., known as Fannie Mae, and the Federal Home Loan Mortgage Corp., known as Freddie Mac.

Both institutions purchase mortgages from primary lenders.

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