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.
