December 4, 2001 15:47:52 Conforming Loan Limit Increased By November 28, 2001 of Palmer & Thompson Government sponsored housing enterprises (GSE'S) Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) announced today that that their single-family mortgage loan limits will increase to $300,700 for 2002. The conforming loan limit is amortization loan amortization loan the maximum size residential mortgage loan the GSE's will buy from lenders. The moves come as a result of a report from the Federal Housing Finance Board that the average purchase price for a single family residence in the U.S. increased to $219,600 in October. This is a us debt amortization loan more than nine percent increase from October 2000, when the average price was $200,800. Both Fannie and Freddie use the average purchase price increase to determine the conforming loan limit each year. Freddie Mac's Chairman and CEO, Leland C. Brendsel, said "we are delighted." He pointed out that home equity loan amortization loan the increase in the loan limit makes it possible for additional families to obtain the lowest cost mortgage financing available. Loan limits on 2-4 unit residential properties are also increasing, as shown below. Conforming Loan Limits Property Type Current Limit 2002 Limit single-family property $275,000 $300,700 two-family property $351,950 $384,900 three-family property $425,400 home mortgage amortization loan $465,200 four-family property $528,700 $578,150