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Fannie Mae, Freddie Mac to Back Home Loans of Nearly $1 Million
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WASHINGTON—Starting next year, home buyers in high-cost areas of the country will be able to borrow nearly $1 million for a mortgage loan backed by the government, a reflection of the rapid appreciation in home prices nationally.
The maximum size of home-mortgage loans eligible for backing by Fannie Mae and Freddie Mac will jump to $970,800 in high-cost markets such as parts of California and New York, up from $822,375 this year, the Federal Housing Finance Agency said Tuesday.
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