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FANNIE MAE TO INCREASE SINGLE-FAMILY LOAN LIMITS TO $202,300 ON JAN. 1, 1992

 FANNIE MAE TO INCREASE SINGLE-FAMILY LOAN LIMITS TO $202,300
 ON JAN. 1, 1992
 WASHINGTON, Nov. 20 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today announced that in response to the increase in the average home price between October 1990 and October 1991 published by the Federal Housing Finance Board (FHFB), it will increase to $202,300 the limit on single-family conventional mortgages in which the company invests. The statutory limit is based on a survey of home prices collected by FHFB, as mandated by Congress.
 Limits for multi-unit loans will increase to the following: two-family homes to $258,800; three-family homes to $312,800; and four-family homes to $388,800. The maximum loan amount for one- to four-family mortgages in Alaska and Hawaii is 50 percent higher than the new limits for the rest of the country.
 The loan limit for second mortgages will be $101,150; in Alaska and Hawaii it will be limited to $151,725.
 The limits reflect the maximum size loans in which the company may invest. However, the size of the average single-family loan that Fannie Mae held in portfolio or had securitized as of Sept. 30, 1991, was $62,135. Also, Fannie Mae's average purchase price for single- family mortgages in the first nine months of 1991 was $91,250. Fewer than 6.5 percent of the single-family loans Fannie Mae purchased or securitized during this time were above $175,000.
 The limits are adjusted annually according to a formula established by Congress in 1980. Changes are based on the national average sales price of homes on which mortgage loans are closed during the first five days of October, compared with the year-earlier price. The data is collected in the Federal Housing Finance Board's monthly national survey of prices on homes financed with conventional mortgages.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 11/20/91
 /CONTACT: Tom Marder of Fannie Mae, 202-752-7608/
 (FNM) CO: Fannie Mae ST: District of Columbia IN: FIN SU:


DC -- DC024 -- 5496 11/20/91 14:35 EST
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Publication:PR Newswire
Date:Nov 20, 1991
Words:356
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