Fannie Mae and Freddie Mac announced that they have increased their maximum mortgage amount limits to $300,700 for single family residences.

The increase to $300,700 from the previous $275,000 loan limit means buyers may now take advantage of the lower interest rates available on conforming loans rather than using jumbo interest rates.

Additionally, the zero down payment, 3% down payment, and adjustable rate loan programs are now available at the higher loan amounts.

The loan limits for 2-4 unit homes have also been increased:

• 2-unit properties to $384,900
• 3-unit properties to $465,200
• 4-unit properties to $578,150