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Does $1M Conforming Limit Help or Harm Affordability?

The housing industry has been debating whether a recent move by the Federal Housing Finance Agency to raise the top conforming loan limit to more than $1 million will help make homes more affordable for buyers. So reports CNN.

FHFA2Melissa Cohn, regional vice president at William Raveis Mortgage, told the news service that the increased limits would allow more homebuyers to benefit from mortgages backed by Fannie Mae and Freddie Mac.

But the Housing Policy Council, a trade group, said in a statement, “Ultimately, such backing feeds the run-up in house prices, exacerbating the affordability challenges we face in today’s supply-constrained marketplace.”

Read the full article from CNN.

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