Both Fannie Mae and Freddie Mac announced that effective January 1, 2017 the maximum loan limits are to increase for the first time since 2006. Below are the loan limits for 1-4 units for standard and Agency Jumbo loans.
Maximum Original Principal Balance for 2017
Maximum Loan Limits for High-Cost Areas for Mortgages Acquired in Calendar Year 2017
The new SLO County high balance loan limit will rise to $586,500, and Santa Barbara County will remain at $625,500.
High-cost area loan limits are derived from median home prices estimated by the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD). FHA will permit a 30-day appeals period during which requests for individual area median home price increases will be evaluated. FHFA will issue a subsequent announcement if any individual high-cost area loan limit is increased as a result of the appeals process. Updates resulting from subsequent FHFA announcements will be posted on Fannie Mae’s website.
Click here for the full announcement: https://www.fanniemae.com/content/announcement/ll1605.pdf.