Fannie Mae and Freddie Mac announced that they have increased their maximum mortgage amount limits to $359,650 for single family residences. Home Mortgage will begin using the new mortgage limits effective December 1, 2004.

The increase to $359,650 from the previous $333,700 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 $460,400
• 3-unit properties to $556,500
• 4-unit properties to $691,600