What is the maximum loan amount that Fannie Mae and Freddie Mac can purchase for a single-family home in most areas of the United States for 2024?
Correct Answer
C) $766,550
The conforming loan limit for most areas in 2024 is $766,550 for a single-family home. This limit is set annually by the Federal Housing Finance Agency and represents the maximum loan amount that GSEs can purchase.
Why This Is the Correct Answer
The conforming loan limit for most areas in 2024 is $766,550 for a single-family home. This limit is set annually by the Federal Housing Finance Agency and represents the maximum loan amount that GSEs can purchase.
More Mortgage Knowledge Questions
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A veteran wants to use their VA loan benefit to purchase a $500,000 home in an area where the VA loan limit is $400,000. If they make a $25,000 down payment, what amount can they finance with the VA loan?